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- U.S. GDP grows by more than previously estimated in Q4
U.S. GDP grows by more than previously estimated in Q4
The report
showed that GDP increased at an annual rate of 0.4 percent in the fourth
quarter compared to the previously reported 0.1 percent increase.
The
Commerce Department said the stronger than previously estimated growth
primarily reflected upward revisions to non-residential fixed investment and to
exports that were partly offset by a downward revision to consumer spending.
Despite the
upward revision, the pace of GDP growth still came in below economist estimates
for an increase of 0.6 percent.
The
upwardly revised pace of GDP growth in the fourth quarter also still reflects a
substantial slowdown from the 3.1 percent growth seen in the third quarter.
The report
showed that the pace of consumer spending growth was downwardly revised to 1.8
percent from 2.1 percent, although the increase still reflects an acceleration
from the 1.6 percent growth seen in the third quarter.
The
Commerce Department also said its reading on core consumer prices, which
exclude food and energy prices, rose by an upwardly revised 1.0 percent in the
fourth quarter following a 1.1 percent increase in the third quarter.
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