WASHINGTON, Feb. 29 (Xinhua) -- The U.S. economic growth rate was upwardly revised to an annual rate of 3 percent in the fourth quarter of last year from the previous estimate of 2.8 percent, the Commerce Department said Wednesday.
The growth rate of the real gross domestic product (GDP) was the best one since the second quarter of 2010. The world's largest economy has expanded by 10 consecutive months by the end of last year.
The growth rate in the fourth quarter was also an acceleration from the 1.8 percent growth pace in the third quarter last year.
The acceleration of the economic growth in the fourth quarter primarily reflected an upturn in private inventory investment as well as accelerations in personal consumption expenditures and in residential fixed investment.
Real personal consumption expenditures increased 2.1 percent in the fourth quarter, slightly higher than the 2 percent uptick figure in the advance estimate released last month.
Final sales of computers added 0.12 percentage point to the fourth-quarter change in real GDP after adding 0.22 percentage point to the third-quarter change. Motor vehicle output added 0.43 percentage point to the fourth-quarter change in real GDP after adding 0.12 percentage point to the third-quarter change.
Real exports of goods and services increased 4.3 percent in the fourth quarter, lower than the 4.7 percent in the advance estimate. Real imports of goods and services increased 3.8 percent, lower than the 4.4 percent in the previous reading.
Real nonresidential fixed investment rose 2.8 percent in the fourth quarter, higher than the 1.7 percent in the advance estimate.
Real federal government consumption expenditures and gross investment decreased 6.9 percent in the fourth quarter, slower than the 7.3 percent decline in the previous reading.