US economy expands 3.3% in Q4, above expectations of 2%

ISTANBUL

The US economy expanded 3.3% in the fourth quarter, beating estimates, according to the Commerce Department's first and advance reading released Thursday.

The figure was much higher than expectations of 2% but the American economy slowed from a 4.9% expansion in the third quarter.

The current dollar GDP increased 4.8%, or $328.7 billion, at an annual rate in the fourth quarter to $27.94 trillion, the Commerce Department said in a statement.

The current dollar personal income climbed $224.8 billion in the October - December period, following an increase of $196.2 billion in the third quarter, it added.

Personal savings, however, was $818.9 billion in the fourth quarter, down from $851.2 billion recorded in the July - September period, according to the agency.