US economy slows in fourth quarter of 2014 with GDP rising by just 2.2%

• Weaker business stockpiling and bigger trade deficit blamed
• Economists optimistic that 2015 will see stronger growth

The US economy slowed more sharply in the final three months of the year than initial estimates, reflecting weaker business stockpiling and a bigger trade deficit.

The Commerce Department said on Friday that the economy as measured by the gross domestic product grew at an annual rate of 2.2% in the October-December quarter, weaker than the 2.6% first estimated last month. It marked a major slowdown from the third quarter, which had been the strongest growth in 11 years.