Fourth-quarter GDP down, full-year GDP up
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Manufacturing News, Source : TheManufacturer.com
Published : 30 Jan 2004 17:22
Real gross domestic product—the output of goods and services produced in the United States—increased at an annual rate of four percent in the fourth quarter of 2003, according to advance estimates released today by the US Bureau of Economic Analysis.
This is less than half the rate of the third quarter, when the real GDP increased 8.2 percent.
Real GDP increased 3.1 percent in the full year of 2003, up from an increase of 2.2 percent in the full year of 2002.
Despite the downturn in the fourth quarter, US Secretary of Commerce Donald Evans was upbeat. "America’s economy grew at a healthy pace last quarter, suggesting continued job creation this year," he said in a statement. "America’s economic recovery is now well underway thanks to the President’s tax relief. Congress must make tax relief permanent to convert our current economic momentum into lasting prosperity."
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