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GDP Rises 4.4 Percent in 2004 in U.S.:
The economy finished 2004 with its best performance in five years despite slowing in the final stretch.
...The broadest barometer of the country’s economic standing, the gross domestic product, clocked a 4.4 percent increase for all of last year spurred by brisk consumer and business spending, the Commerce Department (news – web sites) reported Friday.
The latest snapshot of GDP, which measures the value of all goods and services produced within the United States, exceeded the 3 percent registered in 2003 and marked the strongest showing since the 4.5 percent gain of 1999.
“When you add it all up, you can’t help but be pleased with how the economy performed last year,” said Carl Tannenbaum, chief economist at LaSalle Bank. “The economy in 2004, in some cases, was like the Rodney Dangerfield economy. It didn’t get a lot of respect. We spent so much of last year worrying about high oil prices, deficits, employment … yet through it all we were able to turn out an outstanding year economically.”
