Washington, Jumada I 17, 1437, Feb 26, 2016, SPA -- U.S. economic growth slowed in the fourth quarter, but not as sharply as initially believed, with businesses less aggressive in their efforts to reduce excess inventory, the government reported Friday. In its second estimate of fourth-quarter growth, the Commerce Department said gross domestic product (GDP) expanded at an annual rate of 1 percent, an improvement from the initial 0.7 percent estimate, but only half the 2 percent annualized growth seen in July-September quarter. The latest figure does not change the fact that growth in the final months of last year was modest. Since then, global weakness and financial-market turbulence have triggered concerns about the potential effects on the U.S. economy. The fourth-quarter figure marks the slowest growth in six months, since the economy weakened to a 0.6 percent pace in the first quarter of 2015. That was followed by a strong rebound to 3.9 percent in the second quarter and the 2 percent gain in the summer. Friday’s upward revision results from a change in the government’s data for business inventories, which slowed GDP by 0.1 percentage point rather than the 0.5 percent drag initially reported. The change could hurt current-quarter activity if businesses remain reluctant to add to their inventories. The trade deficit also subtracted 0.3 percentage point from growth, less than the 0.5 percentage point drag in the first GDP report. Exports still suffered, however, reflecting the struggle manufacturers are having from a stronger dollar. Consumer spending—which accounts for about 70 percent of U.S. economic activity—grew at a 2 percent annual rate in the fourth quarter, down from an initial estimate of 2.2 percent. Spending had surged at a 3 percent rate in the third quarter, and economists expect a rebound in the current quarter. --SPA 18:18 LOCAL TIME 15:18 GMT www.spa.gov.sa/w