US GDP less than earlier reported

The US economy grew slightly less than reported in the final three months last year, the Commerce Department said Thursday, citing a downward revision to consumer spending.

GDP growth in the October to December period was 2.7 per cent, annualised, lower than the 2.9 per cent increase originally reported.

"The updated estimates primarily reflected a downward revision to consumer spending that was partly offset by an upward revision to nonresidential fixed investment," said the Commerce Department in a statement.