30 January 2008 15:18 [Source: ICIS news]
MUMBAI (ICIS news)--Fourth-quarter US gross domestic product (GDP) increased marginally at a seasonally adjusted annual rate of 0.6%, the Commerce Department said on Wednesday, as troubles in the housing and consumer spending sectors continued.
The slowdown in economic growth for the quarter was much lower than analysts' forecast, and followed a 4.9% increase in the third quarter, the department said.
The data is based on a first advance estimate by the department’s Bureau of Economic Analysis (BEA). It is incomplete and may be revised later, the department added.
The main positive contributions came from personal consumption expenditures, non-residential structures, state and local government spending, exports and equipment and software.
These were largely offset by negative contributions from private inventory investment and residential fixed investment, it said.
These positive contributions were partly offset by decreases in residential fixed investment and inventory investment, it added.
Fouth-quarter exports rose 3.9% compared with a 19.1% increase in the third quarter. Imports of goods and services were 0.3% higher against 4.4% a quarter earlier.
Real personal consumption expenditures rose 2%, compared with a 2.8% third-quarter increase.
Consumer spending accounts for two-thirds of US economic activity.
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