GDP Growth Demolishes Expectations, Accelerates To Fastest Rate Since 2003
Courtesy of Clusterstock’s Vincent Fernando
U.S. fourth quarter GDP grew 5.7% based on Commerce Department data released today, blowing away the consensus expectation of just 4.7%.
Note this is the first estimate of fourth quarter GDP so far, subject ot future revision.
Commerce Department: Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 5.7 percent in the fourth quarter of 2009, (that is, from the third quarter to the fourth quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.2 percent.
