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.
Most Popular Stories
- Bently Creates Alabama Small Business Commission
- Is Alibaba's IPO Price a Fairytale?
- Kardashian: Kanye Never Told Fan in Wheelchair to Stand Up
- California King Fire Roars Out of Control
- Mercedes Rolls Out S550 Plug-in Hybrid
- U.S. Tobacco Growers Lose Last of Price Supports
- CalPERS Pulls Out of Hedge Funds
- SBA Kicks off Hispanic Heritage Month
- Los Angeles Angels Clinch Playoff Spot
- Sanctions Push Russian Ruble to Historic Low