Consumer spending helps drive GDP growth

Washington, D.C. – Consumer spending growth of 3.3% in the fourth quarter of 2013 helped drive a 2.6% increase in the U.S. gross domestic product (GDP). According to the third and final estimate from the Commerce Department, the price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.5% in the fourth quarter.



The 2.6% estimate is up from the second estimate of 2.4% released by the Commerce Department in February 2014, although slightly below a consensus Bloomberg estimate of 2.7% compiled from 79 economists. In the third quarter of 2013, GDP grew 4.1% and consumer spending increased 2%.