4Q GDP growth at 3.1% U.S. economic growth accelerated at a faster pace than previous estimates, according to U.S. Commerce Department’s fourth-quarter gross domestic product report.
Fourth-quarter GDP grew at an annual pace of 3.1 percent, up from the Bureau of Economic Analysis’ previous estimate of 2.8 percent. The report, issued Friday, cites stronger consumer spending.
Consumer spending rose 4 percent, the biggest increase since the fourth quarter of 2006. Inventory and business investment both rose, while exports of goods and services fell.
Corporate profits increased 2.3 percent in the quarter, led by banks and other financial firms. The financial-services sector saw its profits grow 15.6 percent.
Looking ahead, UNC Charlotte economist John Connaughton recently said he expects North Carolina’s economy to grow 2.7 percent this year, up from 1.3 percent last year.
As previously reported, Connaughton foresees growth in eight of the state’s 11 main economic sectors this year. The sectors with the strongest prospects are transportation, warehousing, utilities and information, with an increase of 5.2 percent; finance, insurance and real estate, up 4.9 percent; retail trade, up 3.6 percent; wholesale trade, up 3.1 percent; and services, up 3.1 percent.
Read more: 4Q GDP growth at 3.1% | Charlotte Business Journal
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