U.S. GDP Revised Upward For Fourth-Quarter 2002

ByJohn S. McClenahen There's no question about it: The U.S. economy turned in a very weak performance during the final three months of 2002. But it was not as weak as first estimated. New calculations by the U.S. Commerce Department, based on more complete data, show that the U.S. economy grew at an annual rate of 1.4% from October through December last year. The department's economists had initially put inflation-adjusted fourth-quarter 2002 growth at an annual rate of 0.7%. For all of 2002, GDP, the output of goods and services produced in the U.S., grew 2.4%, about the same rate of growth many economic forecasters are now predicting for 2003. In recession year 2001, the U.S. economy grew just 0.3%. The Commerce Department's third and final figure for fourth-quarter 2002 GDP is due out on Mar. 27.