U.S. Gross Domestic Product, the broadest measure of the value of goods and services produced, grew at an annual rate of 2.4 percent in the fourth quarter, down from the initial estimate of 3.2 percent, the government said Friday.
The updated figure is based on more complete data.
The U.S. economy grew 4.1 percent in the third quarter.
Fourth-quarter growth was supported by consumer spending and exports. Areas of the economy that shrank included government spending at all levels. Imports grew and subtracted from growth because they substitute spending for things produced domestically.
Exports surged 9.4 percent compared to an increase of 3.9 percent in the third quarter. Real imports of goods and services increased 1.5 percent, compared with an increase of 2.4 percent in the third quarter.
U.S. 4Q GDP revised down to 2.4%
