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Revised Commerce Figures Say Economy Shrank 6.3 Percent in 4Q 2008

The U.S. gross domestic product (GDP) contracted at an annualized rate of 6.3 percent during the fourth quarter of 2008, according to revised figures from the Department of Commerce. The drop is slightly higher than the 6.2 percent estimate from Commerce last month, and the worst showing since 1982. Profits for the period dropped by 16.5 percent, the worst numbers since 1952. The GDP is the sum of all goods and services produced. Revised figures for the entire year 2008 from Commerce indicate that the economy grew 1.1 percent, the same as previously estimated and the slowest growth since 2001. reports that industry analysts predict a 4.8 percent annualized decline in GDP for the first quarter of 2009 and a 1.9 percent drop in the second quarter.

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