Fourth-Quarter GDP Revised Up
Updated from 8:34 a.m. EST
Economic growth was slightly stronger than originally expected in the fourth quarter, according to a government report Friday.
Gross domestic product grew at a revised 4.1% annualized rate in the final three quarters of the year, up from an initial estimate of 4%, but well below a red hot 8.2% growth rate in the third quarter.
A downward revision was widely expected by economists. The consenus forecast was for a 3.8% rate.
Many economists expect the economy to grow by at least 4% in the first quarter and full-year 2004.
The government said the major contributors to the increase were consumer spending, exports, equipment and software and business spending.
A key inflation gauge, the implicit price deflator, was also revised slightly higher to 1.1%, from 1.0%.