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Summary:

Real GDP grew only 2.2% in the fourth quarter of 2014 according to the revised estimate released by the Bureau of Economic Analysis. The original estimate of 2.6% was revised downward. The revised third quarter GDP growth rate was a robust 5%. On an annual basis real GDP continues to grow at a rate well below the long run trend rate of 3.2%. Real GDP increased 2.3% for all of 2014 compared with an increase of 2.2% in 2013. While the U.S. economy continues to improve slowly, the global economy is weak with Japan and most of Europe in recession.

Summary:

U.S. Real GDP grew at 2.2% during the fourth quarter of 2014 according to the third estimate released by the Bureau of Economic Analysis. The figure remained unchanged from the prior estimate as increases in exports and personal consumption expenditures (PCE) were offset by weaker inventory investment and government spending. GDP increased at a 2.4% annualized rate last year.