Fourth-Quarter GDP Revised Up to 3.1%

The U.S. economy’s fourth-quarter growth was revised upward to 3.1%, from an earlier estimate of 2.8%, the Commerce Department said Friday.

The revised gross domestic product figure was the third of three estimates by Commerce. The first, in January, had put it at 3.2%.

The new 3.1% rate was slightly higher than economists’ forecasts of 3%, Bloomberg reported.

The third-quarter GDP growth rate was 2.6% and the economy grew at a 2.9% rate for the full year.

Consumer spending, which accounts for about 70% of the economy, rose at a 4% rate, the most since the last quarter of 2006.