Gross domestic product, a sum of all the goods and services produced in the U.S. economy, increased at a 7% annualized rate during the fourth quarter, the strongest growth since 1984.
On the broader economic side, the slight upward revision of GDP from the initial reading of 6.9% was in line with market estimates. That brought full-year growth to 5.7%, the fastest pace since 1984 that was driven by a strong inventory rebuild in the second half of the year.
The change higher came due to increased contributions from fixed investment and state and local government spending. Downward revisions to consumer spending and exports offset some of the gains.
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