US Economy up 4 Percent in 3rd Quarter

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Last updated at: (Beijing Time) Saturday, December 21, 2002

US Economy up 4 Percent in 3rd Quarter

The US economy increased at an annual rate of 4 percent in the third quarter of this year, the Commerce Department said in its final Gross Domestic Product (GDP) report on Friday.

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The US economy increased at an annual rate of 4 percent in the third quarter of this year, the Commerce Department said in its final Gross Domestic Product (GDP) report on Friday.

The department said that the increase in the GDP, the total output of goods and services in the United States, was powered by strong consumer spending, especially for durable goods such as cars.

The final estimate on US GDP growth in the third quarter was unchanged from the 4 percent estimate made a month ago.

The growth rate of 4 percent in the third quarter followed a weak 1.3 percent gain of GDP in the second quarter of this year and a robust 5 percent surge in the first three months of the year.

The report showed that consumer spending, which accounts for two-thirds of total US economic activity, increased at an annual rate of 4.2 percent in the third quarter, up from an estimate of 4.1 percent the US government made a month ago.

The US exports increased at a 4.6 percent rate in the third quarter, outpacing the 3.3 percent growth rate for imports.

Spending by the federal government increased at a 4.3 percent annual rate, led by a 6.9 percent growth rate for defense spending,reflecting the new war on terrorism. Non-defense spending by federal government was actually falling at a 0.3 percent rate in the summer.

Before making the inflation adjustments, the GDP in the United States totaled at an annual level of 10.51 trillion dollars in thethird quarter.

However, many analysts believe that the fourth quarter GDP performance will again show that the US economy is slowing as consumers cut back on purchases.

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