US Q4 GDP revised up on stronger exports
US GDP (Gross Domestic Product) grew at a 3.8% annual rate in the final quarter of 2004, stronger than previous estimates of 3.1% from a month ago, the US Commerce Department said. The upward revision was largely due to higher exports and business spending, which were partially offset by lower consumer spending and higher imports. Statistics Canada corrected a $1.4 billion error in underestimating US exports to Canada during November 2004. Additional data then showed that the US trade deficit for December 2004 had narrowed more than anticipated. Despite the changes to the fourth-quarter, the economy grew 4.4% for the entire year, unrevised from the initial estimate last month.