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Financial News: U.S. GDP Growth Upwardly Revised More Than Expected

U.S. GDP Growth Upwardly Revised More Than Expected In Q4

03/30/2017 - 09:20:00 (RTTNews)

(RTTNews) - Gross domestic product in the U.S. increased by more than previously estimated in the fourth quarter of 2016, according to a report released by the Commerce Department on Thursday.

The report said real GDP climbed by 2.1 percent in the fourth quarter compared to the previously reported 1.9 percent increase. Economists had expected the pace of GDP growth to be upwardly revised to 2.0 percent.

Despite the upward revision, the GDP growth in the fourth quarter still reflects a notable slowdown from the 3.5 percent jump seen in the third quarter.

The Commerce Department said the stronger than previously estimated growth primarily reflected upward revisions to consumer spending and private inventory investment.

The report said consumer spending jumped by an upwardly revised 3.5 percent in the fourth quarter compared to the previously reported 3.0 percent increase.

However, the upward revisions were partly offset by downward revisions to non-residential fixed investment and exports. Imports, which are a subtraction in the calculation of GDP, were also revised upward.

The slowdown in the pace of GDP growth compared to the third quarter was partly due to the impact of trade amid a sharp pullback in soybean exports.

Trade reduced GDP by 1.82 percentage points in the fourth quarter after contributing 0.85 percentage points in the third quarter.

A reading on core consumer prices, which exclude food and energy prices, showed that the pace of price growth slowed to 1.3 percent in the fourth quarter from 1.7 percent in the third quarter.

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