The economic growth rate of the United States was slightly revised downward from the previously announced figure, reflecting sluggish consumer spending and export performance.
The U.S. Department of Commerce announced on the 30th (local time) that the GDP growth rate for the fourth quarter of last year was recorded at an annualized rate of 2.6%. This is a 0.1 percentage point downward revision from the revised figure of 2.7% released last month. The U.S. growth rate is announced in three stages: preliminary, revised, and final. The fourth quarter growth rate was lowered again from the preliminary 2.9% and the revised 2.7%.
The Department of Commerce stated that the final revision of the fourth quarter growth rate reflects weaker consumer spending and export performance than previously estimated. The consumer spending growth rate for the fourth quarter was lowered from the previous 2.1% to 1.4%, and this time down to 1.0%.
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