US fourth quarter GDP growth unchanged at 2.2%, exports rise
The US economy expanded 2.2% in the fourth quarter of 2014, unchanged from the government’s prior estimate.
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The reading was slightly below consensus expectations of an upwardly revised 2.4% reading and was half the pace of the 5% registered in the third quarter.
According to the third estimates of fourth quarter GDP released the Bureau of Economic Analysis on Friday, exports to have grown 4.5% against a second estimate of 3.2%, while import are expected to have climbed 10.4% compared with a previous estimate of 10.1%.
“In this context of strong domestic demand and a stronger US dollar, the drag on growth from net trade limits the upside potential for overall GDP,” Barclays said in a note.
The bank's analysts added they expected GDP to grow 1.5% in the second quarter of 2015 and 3.0% in the following three months.