Q4 GDP growth revised down to 2.5 %
Slower growth, in line with economists' expectations, reflects smaller inventory build than previously reported
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US economic growth slowed slightly more than initially thought in the fourth quarter (Q4) as the strongest pace of consumer spending in three years drew in imports and depleted inventories. Gross domestic product expanded at a 2.5 per cent annual rate in the final three months of 2017, instead of the previously reported 2.6 per cent pace, the Commerce Department said in its second GDP estimate on Wednesday. That was a deceleration from Q3's brisk 3.2 per cent pace.
The downward revision to the Q4 GDP growth estimate largely reflected a smaller inventory build than previously reported. It was in line with economists' expectations.
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