Fourth Quarter GDP Revised Higher

Washington, DC, March 25, 2011 -- Gross Domestic Product grew more quickly than previously estimated in the fourth quarter, according to the Commerce Department.

GDP grew at a rate of 3.1 percent, the Commerce Department said on Friday in its final estimate, close to its initial estimate of 3.2 percent published two months ago and up from its tally of 2.8 percent made in February.

It also said corporate profits increased 3.3 percent after rising 0.2 percent the prior quarter.

Economists had expected GDP growth to be revised up to a 3.0 percent pace. The economy expanded at a 2.6 percent rate in the third quarter.

For 2010, the economy grew 2.9 percent, while corporate profits grew 20.4 percent, the most since 2004.

Business investment rose at a 7.7 percent rate instead of 5.3 percent.