The economy grew at a slower pace than initially estimated in the final quarter of 2014, as corporate capital spending declined amid the weak recovery in consumer demand following last year's consumption tax hike, government data said Monday.

Gross domestic product — the total value of goods and services produced at home — grew by an annualized real 1.5 percent, downgraded from 2.2 percent, in the October-December quarter.

The market on average had expected an expansion of roughly 2.2 percent.