GDP rose slightly in 4Q of 2012

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economyThe U.S.’s real gross domestic product saw a small rise in the fourth quarter of 2012, an upward revision from the previously reported decline from 2012’s third quarter, says the U.S. Department of Commerce’s Bureau of Economic Analysis.

GDP — a measure of the output of goods and services produced by labor and property in the U.S. — increased at a nearly abysmal annualized rate of 0.1 percent from the third quarter to the fourth quarter. 2012’s third quarter saw GDP increase 3.1 percent from the second quarter.

Though small, it is a better economic sign than the 0.1 percent shrinkage reported in January. That number, says BEA, was based on advanced data, whereas the numbers reported today are based on more complete source data.

BEA says the increase in GDP came from positive contributions in personal consumption expenditures, nonresidential fixed investment and residential fixed investment that offset negative contributions from private inventory investment, federal government spending, exports and state and local government spending.