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U.S. economy expands 3.2 percent in Dec quarter
Saturday, 29 January 2011, 06:02 IST
Washington: The U.S. economy grew 3.2 percent in the last three months of 2010, spurred by increased consumer spending.
However, the quarterly expansion was slightly lower than the expected growth of around 3.5 percent.
"Real gross domestic product -- the output of goods and services produced by labour and property located in the U.S. -- increased at an annual rate of 3.2 percent in the fourth quarter of 2010," U.S. Bureau of Economic Analysis (BEA) said today.
The fourth-quarter growth, much higher than 2.6 percent expansion witnessed in the previous three months, also indicates overall improvement in the economic situation.
Going by the latest data, real personal consumption expenditures jumped 4.4 percent in the fourth quarter as compared to just 2.4 percent increase in the 2010 September quarter.
Source: PTI
Source: PTI