ECONOMIC growth decelerated sharply in the fourth quarter of 2007, according to the "advance" estimates of the national income and product accounts. For the year 2007, real gross domestic product (GDP) decelerated, increasing 2.2 percent after increasing 2.9 percent in 2006 (see page 6). In the fourth quarter, real GDP increased 0.6 percent, following a 4.9 percent increase in the third quarter (chart 1 and table 1). The slowdown primarily reflected a downturn in inventory investment and decelerations in exports, consumer spending, and federal government spending. In contrast, imports slowed, and state and local government spending accelerated.
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