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March 29, 2012 10:30 AM, EDT

GDP Rose 3% in Fourth Quarter

The U.S. economy rose at a 3% annual rate in the fourth quarter, the Commerce Department said Thursday, matching its previous estimate.

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

The fourth-quarter GDP figure matched economists’ projections, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, grew at a 2.1% rate, the same as previously estimated.

Thursday’s fourth-quarter GDP rate was the third and final figure to be released by Commerce.