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February 25, 2011    

US Q4 economic growth figures revised downwards

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by Kay Murchie

The Commerce Department has today revealed the US economy grew by an annualised 2.8% in the October to December period - lower than the first estimate of 3.2%.

The growth rate was also lower than the 3.3% expected by most analysts.

Today’s estimate is the second reading, a third and final estimate will be available on March 25.

The downward revision in GDP was attributed to a slowdown in consumer spending and lower state and local Government spending.

Consumer spending is closely monitored as it accounts for approximately 70% of total economic output.

In related news today, the Office for National Statistics (ONS) revealed the UK economy contracted by 0.6% in the fourth quarter - slightly worse than the first estimate of 0.5%.

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