By CountingPips.com
The first “advance” estimate GDP report for the fourth quarter of 2010 showed that the US economy grew at a rate of 3.2 percent, according to today’s release by the U.S. Commerce Department.
The GDP number came in slightly below expectations as market forecasts were expecting the GDP to advance by 3.5 percent for the quarter.
The third quarter economic growth grew by a real 2.6 percent following a 1.7 percent growth rate in the second quarter and a 3.7 percent gain in the first quarter.
Overall for the 2010 calendar year, economic growth advanced by 2.9 percent after declining for the calendar year in 2009 by 2.6 percent.
On an annual basis, from the fourth quarter of 2009 to the fourth quarter of 2010, economic growth rose by 2.8 percent.
The second GDP estimate with more complete data will be released on February 25, 2010.
