February 29, 2012
U.S. GDP Growth Revised To 3 Percent In Q4
The output of goods and services produced by labor and property, known as real gross domestic product, grew 3 percent in the fourth quarter of 2011, the Bureau of Economic Analysis announced.
It was an improvement over the third quarter, during which GDP grew 1.8 percent.
In its first estimate issued in January, the BEA said GDP grew 2.8 percent. But its revision today, based on more complete data, shows that the economy grew more than the government originally thought.
The fourth-quarter increase was driven by private inventory investment and personal consumption expenditures, the BEA said.
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