(MENAFN) Official data showed that US Gross Domestic Product (GDP) grew at its fastest pace since 2010 in the fourth quarter, AP reported.
According to the data from the Commerce Department, the world's largest economy grew three percent in the quarter, as stronger growth in business investment offset a slower growth in exports than previously estimated.
Consumer spending, which accounts for 70 percent of economic activity, expanded 2.1 percent in the fourth quarter, led by strong gains in car sales.
US exports grew by 2.7 percent in the fourth quarter, down from an estimate of 4.3 percent a month ago.
However, this was offset by business investment growth by 5.2 percent, driven by higher equipment purchases by the companies before special investment tax breaks expired at the end of the year. That was nearly double the estimate the government made a month ago.
The unemployment rate has dropped to 8.3 percent from 9 percent in September. However Federal Reserve Chairman Ben Bernanke warned that the US job market remains weak despite strong hiring in the past three months.
He added that in order to sustain the hiring gains, the economy needed to grow at stronger rates.