US economy grows at slower pace than expected in Q4
The deceleration in the country’s economy was attributed to a larger trade deficit stemming from higher imports and less stockpiling by businesses.
The report showed that business investment rose 4.8% in the last quarter to beat initial estimates which called for a 1.9% gain while government spending declined 1.8%. The country’s exports climbed 3.2% in the last quarter after increasing 4.5% in the previous quarter while imports also rose sharply.
For the full year of 2014, the US economy expanded 2.4%.
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