United States economy growth revised up to 0.4% in last quarter of 2012
Sunday, March 31, 2013
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 (USDOC). The revised figures are better than 0.1% previously estimated.
Per the report, the increased estimate ofis partly due to an increased estimate of plant and equipment investment, however a cut in defense and government spending led to a loss in .
The increased estimate comes after a hike in taxes at the beginning of this year and85 billion being withdrawn from at the beginning of March.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 tohas not changed the general picture of the economy".