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Fourth-Quarter GDP Grows at 3.2% Rate

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1/28/2011 11:15:00 AM

Economy Expands at 2.9% for 2010, Commerce Dept. Says

U.S. gross domestic product rose at a 3.2% annual rate in the fourth quarter, following a 2.6% expansion in the third quarter, the Commerce Department said Friday.

GDP for the full year expanded at a 2.9% rate, the most in five years, after contracting 2.6% in 2009, Commerce said.

The quarterly rate was below economists’ median forecast of a 3.5% rate, while the full year topped estimates of a 2.7% expansion, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, rose at a 4.4% rate, the most since the first quarter of 2006. That followed a 2.4% increase in the third quarter.

Friday’s GDP figure is the first of three to be put out by Commerce.

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Fourth-Quarter GDP Grows at 3.2% Rate (1/28/2011 11:15:00 AM)
Analysts, Economists Differ on Outlook for Transportation, U.S. Growth (1/24/2011 2:30:00 AM)
Third-Quarter GDP Revised Upward Again to 2.6% (12/22/2010 11:45:00 AM)
Third-Quarter GDP Revised Up to 2.5% (11/23/2010 8:45:00 AM)
Third-Quarter GDP Rises 2% as Consumer Spending Grows (10/29/2010 10:40:00 AM)
Second-Quarter GDP Revised Up to 1.7% (9/30/2010 10:15:00 AM)

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