1/27/2012 10:15:00 AM
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Economy Expands at 1.7% for 2011, Commerce Department Says
The U.S. economy expanded at a 2.8% annual rate in the fourth quarter, the Commerce Department said Friday.
The gross domestic product growth rate followed a 1.8% gain in the prior quarter.
GDP for the full year expanded at a 1.7% rate, below the 3% growth rate in 2010, Commerce said.
The fourth-quarter rate was below economistsâ€™ estimates of 3%, Bloomberg reported.
Consumer spending, which accounts for about 70% of the economy, grew at a 2% rate.
Thursday’s fourth-quarter GDP figure was the first of three to be released by Commerce.
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