Real gross domestic product (GDP) rose at an annual rate of 2.6 percent in the fourth quarter of 2013, according to the third estimate GDP report. The revision is 0.2 percentage point higher than the second estimate issued last month of 2.4 percent, yet still much lower than the advance estimate of 3.2 percent. The third estimate reflects more complete source data than were available for the second estimate. The major contributor to the upward revision was the consumer, with the strongest gains in consumer spending in two years. Consumption gains were partially offset by smaller than previously estimated private inventory investment and intellectual property products.
