Business

US economic growth in fourth quarter confirmed at 3%

US shopper in Walmart
Image caption There was a revision at the second estimate because consumers spent more than had been thought

The US Commerce Department has confirmed that the economy grew at an annualised rate of 3% in the last three months of 2011.

It was the third estimate of GDP. The first estimate was 2.8%, which was later revised up to 3%.

The earlier revision came because consumers spent more than thought, and businesses cut spending by less.

On a non-annualised basis, the economy grew by 0.7% from the previous quarter, based on calculations from the data.

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