The U.S. Commerce Department’s Bureau of Economic Analysis today released the third estimate of gross domestic product (GDP) for the fourth quarter of 2010. Real GDP grew 3.1 percent at an annual rate, higher than the previous estimate of 2.8 percent and exceeding private sector expectations. The increase in GDP is a result of higher private investment and inventories than were originally reported.
“Today’s data is welcome news and demonstrates that the economy has been growing at a stronger pace since the middle of last year,” said U.S. Commerce Department Acting Deputy Secretary Rebecca Blank. “We expect the economy to continue to improve in 2011 and are particularly heartened by recent improvements in the labor market. However, we realize that much work remains to ensure greater economic growth and job opportunities for the American people.” Report (PDF)
Source: U.S. Department of Commerce
