Vegas
12-20-2007, 11:18 AM
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The Commerce Department released its final report on gross domestic product in the third quarter on Thursday, showing that the pace of GDP growth for the quarter was unrevised compared to the preliminary estimate.
The report showed that GDP increased at an annual rate of 4.9 percent in the third quarter compared to the 3.8 percent growth seen in the second quarter. Economists had expected GDP growth to remain unchanged at 4.9 percent.
The GDP growth in the third quarter marked the fastest pace of growth since the third quarter of 2003, when GDP surged up 7.5 percent.
The acceleration in the pace of GDP growth compared to the previous quarter primarily reflected accelerations in exports, consumer spending, and private inventory investment.
The Commerce Department released its final report on gross domestic product in the third quarter on Thursday, showing that the pace of GDP growth for the quarter was unrevised compared to the preliminary estimate.
The report showed that GDP increased at an annual rate of 4.9 percent in the third quarter compared to the 3.8 percent growth seen in the second quarter. Economists had expected GDP growth to remain unchanged at 4.9 percent.
The GDP growth in the third quarter marked the fastest pace of growth since the third quarter of 2003, when GDP surged up 7.5 percent.
The acceleration in the pace of GDP growth compared to the previous quarter primarily reflected accelerations in exports, consumer spending, and private inventory investment.