The US economy recovered well and grew at a rate more than expected at the end of the last year recording a 5.7 per cent growth rate in the fourth quarter.
The 5.7 per cent annual growth rate recorded was the fastest pace reported since the year 2003.
According to a report released by the country’s Commerce Department on Friday reveals the strongest proof that the worst economic slump since the Great Depression of 1930s is now over!
A record four quarters of decline was marked by strong growth in two consecutive quarters put the economic clump t an end.
The expansion in the fourth quarter, however, was fueled by companies refilling depleted stockpiles, a trend expected to eventually fade.
The jump in growth rate is reportedly as the business spending on equipment and software jumped almost 13.3 per cent. This is in fact the second quarter in a row that the spending has increased after a record six quarters of decline.
Overall, however, the US economy declined 2.4 per cent in 2009, the largest annual drop since 1946 and the first since 1991.
