US GDP growth held at 3%

The rate of economic growth in the US during the fourth quarter of 2011 has been confirmed at 3% by the US Commerce Department.

This third and final annualised estimate matched industry expectations and reflects an upturn in inventory investment and accelerations in personal consumption and residential fixed investment.

The US Bureau of Economic Analysis found the increase in real GDP was partly offset by “negative contributions from federal government spending and state and local government spending” as well as an increase in imports.

Real GDP increased 1.7% in 2011, from 2010, compared with an increase of 3% in 2010 from 2009.