Business gross fixed capital formation edged down 0.1 percent after a strong third quarter, driven by a decrease in investment in non-residential structures (-0.5 percent) and machinery and equipment (-0.8 percent).
Exports of goods and services fell 0.4 percent after increasing 2.2 percent in the previous quarter. Exports of goods were lower, while those of services were higher. Imports were up 0.4 percent.
Household final consumption expenditure rose 0.5 percent, contributing to economic growth in the fourth quarter. Household spending on durable, semi-durable and non-durable goods all increased. Outlays on services were also higher.
After two quarters of drawing down on inventories, businesses, mostly in retail and wholesale trade, added $8.0 billion to stocks.
On the production side, most major industrial sectors increased production in the fourth quarter. The value added of service industries rose 0.6 percent, while that of goods-producing industries increased 0.5 percent.
Oil and gas extraction and the finance and insurance sector were the main contributors to growth in the fourth quarter. The public sector posted a notable increase, led by educational services. There were also gains in utilities, construction, wholesale and retail trade, professional services, accommodation and food services as well as transportation and warehousing services.
Expressed at an annualized rate, real GDP expanded 2.4 percent in the fourth quarter.
Considering full 2014, the GDP rose 2.5 percent after increasing 2.0 percent in 2013.