U.S. GDP fell 3.8%

U.S. output of goods and services decreased 3.8 percent in the fourth quarter of 2008, the Commerce Department reported Friday morning.

 

   The figure is less than some dire estimates that Gross Domestic Product would drop 5 percent to 6 percent during the period, but the results are preliminary and will be updated with more complete data in a month.

   The biggest contributors to the fourth-quarter decline were exports, and equipment and technology production.

   Exports of goods and services plunged 19.7 percent, according to department, compared to a 3 percent increase in the third quarter. Real imports of goods and services decreased 15.7 percent, compared with a decrease of 3.5 percent in the third quarter.

Source: American Shipper