U.S. Economy Ended Well in 2003; Outlook Hopeful for 2004 Opening Quarter
Mar 30, 2004
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The United State's economic recovery ended 2003 on a good note, growing at a solid 4.1-percent annual rate, and is expected to do even better in the opening quarter of this year.
The latest reading on gross domestic product for the October-to-December quarter was the same as a previous estimate made a month ago, the U.S. Commerce Department has reported. That was consistent with economists' forecasts.
Gross Domestic Products (GDP) measures the value of all goods and services produced within the United States and is considered the most important barometer of the economy's health.
Economic growth in the current January-to-March quarter is expected to clock in at a rate of 4.5 percent, according to some analysts' forecasts.
Growth in the April-to-June quarter also should be around that pace, they said.
Tax refunds and other tax incentives should motivate consumers and businesses to spend and invest more -- energizing the economy in the first half of this year, economists said.
''I think we should have another couple of good quarters," said Mark Zandi, chief economist at Economy.com, an analysis firm. ''The only thing we can be hoping for now is some job growth." (Associated Press)
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