ECONOMICS COMMENTARY
Mar 28, 2013
US economic growth stronger than previously thought, but still meagre
The US economy grew more than first thought in the final quarter of last year, though slightly less than economists had been hoping. The annualised rate of gross domestic product was revised up from +0.1% to +0.4%. The Reuters' consensus was for a 0.5% rise. That still means the economy only expanded by a meagre 0.1% compared to the third quarter, but a better indication of the health of the economy late last year is provided by the growth rate for final sales, which excludes inventories, the annualised rate of which picked up from a previously-estimated 1.7% to 1.9%. The quarter also saw the largest drop in government defence spending since the 1970s, down 22%.
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