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February 29, 2012 9:00 AM, EST

Fourth-Quarter GDP Rate Revised Up to 3%

The U.S. economy rose at a 3% annual rate in the fourth quarter, up from a previously estimated 2.8%, the Commerce Department said Wednesday.

The gross domestic product growth rate followed a 1.8% gain in the third quarter. For the full year, GDP rose 1.7%.

Economists had forecast the previous 2.8% rate would hold without revision, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, grew at a 2.1% rate, up slightly from the 2% originally estimated.

Wednesday’s fourth-quarter GDP figure was the second of three to be released by Commerce.