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United States economy growth revised up to 0.4% in last quarter of 2012

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Sunday, March 31, 2013

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The United States economy grew at a 0.4% annual rate in the last three months of 2012 according to statistics released on Thursday by the United States Department of Commerce (USDOC). The revised figures are better than 0.1% previously estimated.

Per the report, the increased estimate of economic growth is partly due to an increased estimate of plant and equipment investment, however a cut in defense and government spending led to a loss in output.

The increased estimate comes after a hike in taxes at the beginning of this year and $85 billion being withdrawn from government spending at the beginning of March. Economists are predicting the first quarter of 2013 (January–March) will have an annual growth rate about 2.5%.

A statement released by the USDOC said: "While non-residential fixed investment is higher than previously estimated, the revision to GDP has not changed the general picture of the economy".


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This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

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