US GDP for the fourth quarter of 2011 has been revised up from 2.8% to 3%, the latest piece of more positive economic data to emerge from the world's largest economy.
The upwards revision was driven by stronger consumer and business spending and came despite consensus opinion suggesting there would be no change to the first estimate announced last month. "The upward revision to the percent change in real GDP primarily reflected an upward revision to nonresidential fixed investment, a downward revision to imports, and an upward revision to personal consumption expenditures," the Bureau of Economic Analysis said. Consumer spending rose by 2.1% compared with an initial estimate of a 2% rise. Real GDP rose by 1.7% in 2011 compared with the 3% rise s...
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