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The Commerce Department announced Friday that its revised estimate of GDP growth in the 4th Quarter was revised down to 2.4% annual growth. Initial estimates had put GDP growth at 3.2%. Economists had expected a downward revision to 2.5%, making Friday's report a disappointment. It is a dramatic drop from the 3rd Quarter estimate of 4.1% growth.
For the full year, the economy grew by a weak 1.9% in 2013. This is down sharply from the 2.8% growth registered in 2012. The downward revisions in the 4th Quarter numbers reflected smaller than estimated increases in personal consumption and private inventory build-ups.