According to the second estimate for gross domestic product (GDP) growth in the fourth quarter of 2014, real GDP expanded at an annualized rate of 2.2 percent, a slower rate then the initial GDP reading of 2.6 percent. Downward revisions were made to private inventory investment, consumer spending, residential investment, and net exports. Nonresidential structures, nonresidential equipment and software, government, and intellectual property products were revised upward. Much of the growth was attributed to contributions from consumer spending, which contributed 2.83 points.
