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Friday
Jan272012

GDP Rose 2.8% in Fourth Quarter

Comstock Images/Thinkstock(WASHINGTON) -- The Commerce Department reported Friday that the U.S. gross domestic product (GDP) grew at a 2.8 percent pace in the last three months of 2011, slightly less than expected but an increase over the prior quarter.

Economists expected a growth rate of about 3.1 percent in the fourth quarter, in part because of strong holiday shopping and car sales.

Real GDP, the output of goods and services produced in the U.S., increased at a revised annual rate of 1.8 percent in the third quarter.  The Commerce Department's Bureau of Labor Statistics reported the disappointing figure ahead of the holiday shopping season on Dec. 22.

Copyright 2012 ABC News Radio

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