U.S. economic growth had been revised up to an annual rate of 3.1 percent in the fourth quarter of last year, compared with an initial estimate of 2.8 percent, the U.S. Department of Commerce announced Friday.
The increase in real GDP in the fourth quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and non-residential fixed investment that were partly offset by negative contributions from private inventory investment and state and local government spending.
The result follows a growth rate of 2.6 percent in the third quarter.
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- expanded at 2.9 percent last year.