Fourth quarter GDP growth drops to 2.8% on revision. For the year the economy shows its fastest growth in five years

Fourth quarter GDP growth drops to 2.8% on revision. For the year the economy shows its fastest growth in five years

Revised GDP numbers show that the U.S. economy grew by 2.8% in the fourth quarter. Although that is still above the 2.6% annual growth recorded in the third quarter, it is a disappointing drop from the 3.2% initial estimate for fourth quarter growth released last month. After the revision the growth rate for all of 2010 stands at 2.8%. That’s the highest annual rate in five years and contrasts to a 2.6% drop in 2009.