U.S. economic momentum at the end of 2004 was significantly stronger than previously thought, according to a government report on Friday revising up fourth-quarter output to reflect stronger exports and investment.
The economy grew at a solid 3.8 percent annual rate in the final quarter of 2004, the Commerce Department said. The new reading on gross domestic product was better than the government’s initial calculation made a month ago. That estimate showed the economy growing at a 3.1 percent pace.
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