NEW YORK (CNNMoney)
Gross domestic product -- the broadest measure of economic activity -- grew at a 3.2% annual pace in the fourth quarter, according to a Commerce Department report. That figure beat economists' expectations, and although it's not indicative of gangbusters growth, the data seems to show the economy is moving forward modestly. GDP rose at a 4.1% clip in the third quarter.
Consumer spending picked up at a 3.3% annual pace, and U.S. exports to other countries outpaced imports.
But cuts in federal government spending continued to weigh on growth. GDP would have grown at a 4.2% pace in the quarter, if it weren't for federal spending cuts.
For the whole year, the economy grew 1.9%, down from 2.8% in 2012.
First Published: January 30, 2014: 8:59 AM ET
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