China News Agency, Washington, March 30 (Reporter Sha Hanting) The final revised data released by the U.S. Department of Commerce on the 30th local time showed that the U.S. gross domestic product in the fourth quarter of 2021 increased by 6.9% at an annual rate, which was higher than previously announced. The revised data was lowered by 0.1 percentage points.

  Data show that personal consumption expenditures, which account for about 70% of the U.S. economy, increased by 2.5% in the fourth quarter of 2021, down 0.6 percentage points from the revised data previously released; non-residential fixed asset investment, which reflects business investment conditions, increased at an annual rate 2.9%, an increase of 0.3 percentage points from the previously revised data.

  In addition, federal government spending fell 4.3% in the fourth quarter of last year as federal grants to state and local governments, social benefits to American families, and more, and defense spending fell.

Meanwhile, net exports dragged down growth by 0.23 percentage points in the quarter, the sixth straight quarter for the indicator to drag on economic growth.

  The U.S. Department of Commerce issued a statement on the same day that the downward revision of the fourth quarter of last year's economic data was mainly affected by the downward revision of personal consumption expenditures and net export data.

  The Commerce Department typically makes three estimates of quarterly economic data based on constantly improving information.

Economic data forecasts for the first quarter of 2022 will be released on April 28.

  The Associated Press analysis believes that the economic growth rate in the first quarter of this year may slow down sharply.

High inflation will limit personal consumption expenditures, which will have a negative impact on the economy; the increase in borrowing costs caused by the Fed's interest rate hike will further affect existing home sales.

At the same time, the uncertainty brought about by the situation in Ukraine will also have an impact on exports.

Economists expect U.S. economic growth to slow to 0.5% in the first quarter of 2022, or even negative.

(over)