U.S. GDP: -6.2% above estimates

The contraction of GDP in the U.S. in the fourth quarter was 6.2% higher than the 3.8% originally estimated. This is the 'backward strongest of' American economy since the first quarter of 1982. Analysts had expected a decline of 5.4%. The worsening of the estimates depend on second reading by the poor performance of stocks and exports. In 2008, the economy in the U.S. grew only of '1, 1%, the lowest level since 2001. Consumption expenditure, which weighs two-thirds of GDP, fell by 4.3%, against an initial -3.5%. Exports have fallen to an annual rate of -23.6%, the lowest since 1971, compared to the previous -19.7%. The investment fell by 21.1% against the previous -19.1%.
"The reasons for sluggish growth - the Commerce Department says U.S. in a note - are the same as indicated in the first estimate. The department also cites "a slowdown in exports and domestic consumption continued to decline, with an even greater reduction of investment firms is a marked decline in the housing market."

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