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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:

Real GDP grew 2.2% in the fourth quarter of 2014 according to the revised estimate released by the Bureau of Economic Analysis compared to the original estimate of 2.6%. Growth was weaker than previously estimated as private inventory investment increased less than previously estimated while non-residential fixed investment increased more. Real GDP increased 2.4% during 2014 compared with a 2.2% increase during 2013.