Asia-Pacific

US economy grows 5.9 percent in fourth quarter

(Xinhua)
Updated: 2010-02-26 23:13
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WASHINGTON: The US economy grew at an annual rate of 5.9 percent in the fourth quarter of 2009, according to a revised estimate released Friday by the Commerce Department.

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The new reading for the October-to-December quarter was 0.2 percentage points stronger than the 5.7 percent growth rate estimated on January 29. In the third quarter, the US economy increased 2.2 percent.

The US government usually releases three estimates of the gross domestic product (GDP) -- the output of goods and services produced by labor and property located in the United States.

The increase in real GDP in the fourth quarter primarily reflected positive contributions from private inventory investment, exports, personal consumption expenditures (PCE), and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, also increased.
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