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WASHINGTON-- Gross domestic product increased at a revised 1.4% annual rate in the last three months of 2001. This GDP was seven times greater than first estimated, the government recently reported.
An increase in government and consumer spending caused the rising rate. Companies sold $120 billion worth of inventories.
Government spending grew 10.1% in the fourth quarter. Consumer spending grew 6% during the fourth quarter of 2001. Spending on durable goods rose more than 39%.
Business spending on new plants and equipment decreased 13.1%.
The GDP grew 1.2% in 2001.
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