News Column

US Economy Contracts in Fourth Quarter

January 30, 2013

Growth in the US economy declined at an annualized rate of 0.1 per cent in the fourth quarter of 2012 following growth of 3.1 per cent in the third quarter, according to data released by the Commerce Department Thursday.

The decline in gross domestic product (GDP) in the fourth quarter primarily reflected negative contributions from private inventory investment, federal government spending and exports, the Commerce Department's Bureau of Economic Analysis said.

The bureau emphasized that the fourth-quarter advance estimate is based on source data that are incomplete or subject to further revision.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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