WASHINGTON — Real gross domestic product expanded 2.8% at an annual rate in the fourth quarter, revised sharply lower from the initial estimate of 3.2% growth released last month, as consumer spending and government spending were revised down, the Commerce Department reported Friday.

Personal consumption expenditures, excluding food and energy goods, increased 0.5% for the quarter, revised up from a 0.4% rise reported last month.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.