Gross domestic product increased at a 5.9% annualized rate in the fourth quarter of 2009, surpassing economists’ estimates as well as an earlier 5.7% advance estimate made last month, the Commerce Department reported Friday.
The upwardly revised preliminary rate reflects more complete source data than was available for last month’s estimate, Commerce said.
Meanwhile, consumer spending rose 1.7% annually in the fourth quarter, revised from a 2.0% rise estimated last month and a 2.8% increase in the third quarter.
Economists expected 5.6% GDP growth for the quarter, according to the median estimate.
