Gross domestic product increase slows

Washington -- A slow gain in U.S. exports during the fourth quarter was offset by a decline in imports, the U.S. Commerce Department reported Thursday.

Exports of goods and services increased 4.8 percent in the fourth quarter, while imports decreased 1.9 percent.

The Bureau of Economic Analysis report confirmed earlier estimates that the gross domestic product advanced at a seasonally adjusted rate of 0.6 percent in the fourth quarter of 2007.

In the previous quarter, the GDP had increased 4.9 percent.

Fourth quarter gains were recorded in personal consumption expenditures, non-residential structures, and state and local spending, the report said.

Growth was also noted in computer sales, although the 0.16 percentage point increase assigned to computer sales was a reduction over the third quarter contribution of 0.28 percentage points.

Motor vehicle sales subtracted 0.85 percentage points after a third quarter contribution of 0.36, the report said.

The current dollar value of the nation's goods and services increased 3.3 percent or $113.6 billion in the fourth quarter to hit a total $14.084 trillion.

In the third quarter, the GDP's dollar value had increased by 6 percent or $201.7 billion, the report said.

Copyright 2008 by United Press International.