Report confirms slow U.S. GDP gains

Washington -- Final 2007 figures on the gross domestic product released Thursday confirmed declining gains in the United States in the fourth quarter of last year.

The Bureau of Economic Analysis report said fourth-quarter gains were made in personal consumption expenditures, exports and non-residential structures. Gains were also posted in state and local government spending, equipment purchases and software.

Imports, which subtracts from the gross domestic product, decreased during the quarter, the report said.

Overall, the gross domestic product gained 0.6 percent, a drop from third-quarter gains of 4.9 percent, the report said.

The prices in the United States increased 3.7 percent in the fourth quarter, a jump from the price index increase of 1.8 percent in the third quarter.

Core prices, which excluding food and energy prices, rose 2.3 percent from an increase of 1.9 percent in the third quarter, the report said.

Thursday's report confirms figures released in a preliminary report in February, the agency said.

© 2008 United Press International. All Rights Reserved.