Tags: Economy | Revs | Up: | Annual | Growth | Percent

Economy Revs Up: Annual Growth at 4 Percent

Tuesday, 26 November 2002 12:00 AM

Most economists on Wall Street had expected gross domestic product to grow 3.8 percent in the third quarter, after it grew 1.3 percent in the second quarter and 5 percent in the first quarter.

For all of 2001, GDP, total output of goods and services in the United States, grew just 0.3 percent, vs. 3.8 percent for 2000.

Consumer spending, which accounts for more than two-thirds of the economy, grew at an annual rate of 4.1 percent in the third quarter, vs. the preliminary 4.2 percent estimate last month, but well ahead of the 1.8 percent rate in the second quarter.

The rise was led by a 23.1 percent increase in spending on durable goods, such as automobiles.

Real final sales, which exclude inventories, rose 3.5 percent at an annual rate vs. a drop of 0.1 percent in the prior quarter.

Government spending rose at a 3.1 percent annual pace in the third quarter, faster than the previous estimate of 1.8 percent. In the second quarter, government spending rose at a 1.4 percent annual rate.

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Copyright 2002 by United Press International.

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Most economists on Wall Street had expected gross domestic product to grow 3.8 percent in the third quarter, after it grew 1.3 percent in the second quarter and 5 percent in the first quarter. For all of 2001, GDP, total output of goods and services in the United States,...
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2002-00-26
Tuesday, 26 November 2002 12:00 AM
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