US Commerce Dept upwardly revises Q4 GDP to growth of 0.1%

28 February 2013 18:50  [Source: ICIS news]

HOUSTON (ICIS)--US GDP for Q4 2012 grew at an annual rate of 0.1%, the US Commerce Department said on Thursday, revising a January estimate that had showed the economy had contracted in the quarter by 0.1%.

In its second GDP estimate of the fourth quarter, the US Bureau of Economic Analysis found that Q4 2012 GDP had positive contributions from personal consumption expenditures, nonresidential fixed investment and residential fixed investment.

Those gains were partly offset by drops in private inventory investment, federal government spending, exports and state and local government spending, the bureau said.

Had it stuck, the 30 January estimate of contraction in the fourth quarter would have been the first negative growth in GDP since the 2008-2009 recession that ended in June 2009.

By: Jeremy Pafford
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