The U.S. economy expanded in the fourth quarter at a revised 4.3% annual pace — a touch higher than previous reported — and even faster growth is expected in the months ahead.
Gross domestic product was raised from the previous reading of 4.1% mostly because of somewhat higher business investment, revised government figures show.
The economy appears to be speeding up again after slowing toward the end of the year following a record coronavirus outbreak. Economists polled by Dow Jones and The Wall Street Journal predict GDP will increase at a 4.9% clip in the spring and 7% in the summer.
GDP is the sum of all the goods and services produced by the economy and is a scorecard of sorts for how the U.S. is performing.
The Bureau of Economic Analysis updates the GDP report twice after its initial release as more timely information is obtained to give a fuller picture of the how the economy performed.