28 February 2008 14:52 [Source: ICIS news]
MUMBAI (ICIS news)--US GDP increased a marginal 0.6% in the fourth quarter, in line with the initial estimate, from 4.9% in the third quarter, the Commerce Department said on Thursday, on the back of reduced estimates for spending and construction.
The Bureau of Economic Analysis last month estimated fourth-quarter GDP at 0.6%, but the estimates are now based on more complete data than were available for the advance estimates issued last month.
Real GDP increased 2.2% in 2007, the BEA says, compared with an increase of 2.9% in 2006.
“The increase in real GDP in the fourth quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, non-residential structures, state and local government spending and equipment and software that were largely offset by negative contributions from private inventory investment and residential fixed investment,” the commerce department said.
Real personal consumption expenditures increased 1.9% in the fourth quarter, compared with an increase of 2.8% in the previous quarter, it added.
Real residential fixed investment decreased 25.2%, compared with a third-quarter drop of 20.5%, the department said.
Fourth-quarter exports increased 4.8%, compared with an increase of 19.1% in the third. Real imports of goods and services decreased 1.9%, in contrast to an increase of 4.4%, the department said.
Real personal consumption expenditures rose 1.9% in the fourth quarter, compared with an increase of 2.8% in the third.
Consumer spending accounts for two-thirds of US economic activity.
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