29 January 2010 14:20 [Source: ICIS news]
HOUSTON (ICIS news)--The US's GDP grew at a rate of 5.7% in the fourth quarter, compared with a revised rate of 2.2% in the third quarter, the Department of Commerce said on Friday.
The department emphasised that Friday’s numbers were based on incomplete data and that it would release a revised estimate on 26 February.
"The increase in real GDP in the fourth quarter primarily reflected positive contributions from private inventory investment, exports, and personal consumption expenditures (PCE),” the department said. “Imports, which are a subtraction in the calculation of GDP, increased.”
The department continued: “The acceleration in real GDP in the fourth quarter primarily reflected an acceleration in private inventory investment, a deceleration in imports, and an upturn in nonresidential fixed investment that were partly offset by decelerations in federal government spending and in PCE.”
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