US Q4 economic growth figures revised upwards


The Commerce Department has today revealed the US economy grew by an annualised 3.1% in the October to December period – higher than the previous estimate of 2.8%.

It was also slightly better than analysts forecast of a 3% growth rate.

The upward revision in GDP was attributed to higher consumer spending - which grew at an annual rate of 4% - the best showing for four years.

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

For the whole of 2010, the world’s largest economy grew by 2.9%.

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