U.S. fourth-quarter GDP estimate dropped to 2.4 percent

Feb. 28, 2014 at 9:34 AM

WASHINGTON, Feb. 28 (UPI) -- The U.S. economy grew at an annual rate of 2.4 percent in the fourth quarter of 2013, the Commerce Department said in a revised estimate Friday.

With gains in consumer spending less than previously believed, the department lowered its economic growth estimate from 3.2 percent, the figure released last month.

The second estimate of the real GDP is 0.8 percent, or $32.7 billion, reflecting downward revisions in spending, private inventory investment, exports and state and local spending, the report said.

The revisions were mostly expected.

In the previous quarter, growth reached 4.1 percent in the final estimate.

Those revisions were partly offset by an upward revision in spending on commercial buildings.

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