Fourth-quarter GDP Growth Revised Downward to 2.8% From 3.2%

For the whole of 2010, the economy grew at 2.8% which was considered a depression when George W. Bush was president

The economy grew more slowly in the fourth quarter than initially estimated as government spending shrank more sharply and consumer spending was less robust, a government report showed on Friday.

Gross domestic product grew at annualized rate of 2.8 percent, the Commerce Department said in its second estimate on Friday, marking a downward revision from its initial 3.2 percent estimate.

Economists had expected GDP growth, which measures total goods and services output within U.S. borders, to be revised up to a 3.3 percent pace. The economy expanded at a 2.6 percent rate in the third quarter.

Against the backdrop of surging crude oil prices and impending government budget cuts, the outlook for growth is looking less robust and some economists have lowered their forecasts for the first quarter.