Q4 GDP growth revised upwards

Washington

US economic growth slowed in the fourth quarter, but not as sharply as initially thought, with businesses less aggressive in their efforts to reduce unwanted inventory, which could hurt output in the first three months of 2016.

Gross domestic product (GDP) increased at a 1.0 per cent annual rate instead of the previously reported 0.7 per cent pace, the Commerce Department said on Friday in its second GDP estimate.