Fourth-Quarter GDP Gain Revised to 5.6%

Fourth-quarter gross domestic product growth was 5.6%, down slightly from a previous estimate of 5.9%, the Commerce Department said Friday.

Friday’s revision was the final of three by Commerce, as the economy showed its best quarterly performance in six years, Bloomberg reported.

Commerce’s first figure for the quarter was an annual rate of 5.7%, followed by the 5.9% estimate last month.

Economists had forecast the rate to match the previous 5.9% increase, Bloomberg said.

The downward revision reflected larger decreases in commercial construction and stockpiles.

For all of 2009, GDP dropped 2.4%, which was the worst yearly rate since 1946.

Consumer spending, which comprises about 70% of the economy, rose 1.6%, compared with the 2.8% increase of the previous three months. Economists had forecast a 1.7% increase.