(MENAFN) As consumer spending developed much faster than earlier reported, US economic progress in the 4th quarter of 2015 was revised up, based on recent reports.
US gross domestic product (GDP) improved at an annual rate of 1.4 percent throughout the Sept-Dec timeframe of 2015, higher than the second estimate of 1 percent.
The upward revision was mostly due to faster growth in consumer spending than previously forecasted, which grew 2.4pct in the 4th quarter, higher than the 2nd estimate of 2pct rise.
However, fixed investment in structures, which consist of oil and gas wells, deteriorated 5.1 percent as oil-related investment dipped severely driven by low oil prices.
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