Pakistan: Us Economy Grew 5.7pc in 4th Quarter - November 23, 2010 - Daily the Pak Banker - News - VLEX 229232395

Pakistan: Us Economy Grew 5.7pc in 4th Quarter


Consumer spending, which is traditionally the key driver of economic activity, rose at a 2.0 per cent pace, down from 2.8 per cent in the third quarter, and accounted for 1.44 percentage points of GDP.


WASHINGTON, Jan. 30 -- US economy roared back to life in the fourth quarter with a 5.7 per cent pace of growth, the government said on Friday.

The Commerce Department figures showed the growth pace accelerated from the 2.2 per cent pace in the third quarter, when the economy expanded for the first time after four quarters of contraction and the worst recession in decades.

Even with the rebound, gross domestic product contracted by 2.4 per cent for the full year 2009, the worst performance since 1946, due to the collapse in economic activity in the early part of the year.

Still, the robust growth in the fourth quarter was the best since 2003 and significantly better than the 4.7 per cent annual pace expected by analysts.

The big gains came in large part from businesses ramping up production to rebuild inventories, which economists say may skew the picture of overall activity but is a normal part...

To continue reading