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U.S. Economy Grew 2.9% in Fourth Quarter
Real gross domestic product in the U.S. expanded at an annualized 2.9% in October-December last year, up from a previous estimate of 2.5%.
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Real gross domestic product in the U.S. expanded at an annualized 2.9% in October-December last year, up from a previous estimate of 2.5%, according to the Dept. of Commerce’s third round of figures.
Full-year GDP in 2017 grew by 2.3% compared with 1.5% in 2016.
Fourth-quarter growth remained slower than the 3.2% generated in the third quarter of 2017. The Commerce Dept. says real domestic income advanced by an annualized 0.9% in the final three months, compared with 2.4% in the third quarter.
Growth in GDP was driven by consumer spending, exports, fixed investment and government spending at all levels. Growth was offset by an increase in imports.
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