US fourth-quarter GDP growth revised lower to 0.5%

Gross domestic product increased at a downwardly ‌revised 0.5% annualized rate, according to data released Thursday by the Bureau of Economic Analysis.

The new reading was lower than the previous estimate of 0.7%, due to a downward revision in investment, reflecting a slowdown in capital spending at the end of last year.

US GDP grew at a rate of 2.1% for the year as a whole, unchanged from the previous estimate, but below the projected 2.8% growth rate for 2024.