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GDP estimate up to 3 percent for quarter

Feb. 29, 2012 at 10:10 AM   |   Comments

WASHINGTON, Feb. 29 (UPI) -- The U.S. Commerce Department revised the fourth quarter gross domestic output estimate from 2.8 percent to 3 percent in a report issued Wednesday.

The figure shows a further jump from the 1.8 percent growth of the third quarter.

Economists had not expected an upward revision from the previous report in Wednesday's release, which is the second of three estimates on the country's economic output.

In contrast, the GDP declined 0.25 percent in Germany in the fourth quarter and 0.2 percent in Britain.

Growth in the fourth-quarter reflected growth in private inventory investment and consumer spending. Exports also contributed to growth, as did non-residential fixed investment and residential fixed investment.

The department said computer sales added 0.12 percentage points to the GDP while automobile sales added 0.43 percentage points.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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