Washington, Jan 30 (IANS): The US real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2014, below market expectation, the US Commerce Department said Friday.
The economy grew 5 percent in the third quarter and 4.6 percent in the second after contracting in the first quarter of 2014. In whole 2014, the economy expanded 2.4 percent, compared with an increase of 2.2 percent in 2013, Xinhua news agency reported citing the Commerce Department.
The department said in a statement that the decelerated GDP growth in the fourth quarter primarily reflected an upturn in imports, a downturn in federal government spending and decelerations in non-residential fixed investment.