February 28, 2013 11:45 AM, EST

GDP Revised to a Small Increase From Previously Negative Estimate

The U.S. economy grew at a 0.1% annual rate in the fourth quarter, turning around a previously reported negative reading, the Commerce Department said Thursday.

The gross domestic product rate, revised up from a previously estimated 0.1% drop, was below analysts’ median 0.5% projection, Bloomberg News reported.

GDP measures the value of all goods and services produced.

Thursday’s figure was the second of three for the quarter. The reading followed a third-quarter growth rate of 3.1%.

For all of 2012, the economy expanded 2.2% after a 1.8% increase in the previous year, Commerce reported.

Consumer spending, which makes up about 70% of the economy, rose 2.1%, from a previously reported 2.2% annual rate, and following a 1.6% gain in the third quarter.