Washington, Dec 22 (DPA) The US economy grew slower than expected 2.2 percent in the third quarter of 2009, revised government figures showed Tuesday.
The rise in gross domestic product (GDP) was weaker than earlier estimates had shown, but was still the first positive growth period after the year-long recession that has plagued the world’s largest economy.

In the final of its three estimates, the Commerce Department showed the annualized GDP rate was slower than the revised 2.8-percent gain in the July-to-September period that it had reported last month. Its initial estimate in October predicted a 3.5-percent jump.

Weaker than expected business investment and a decline in inventories contributed to the downward revision. The figures showed business investment had fallen 1.3 percent, in contrast to earlier estimates of a slight 0.3 percent increase.

The quarter saw a 2.8-percent increase in consumer spending, which accounts for two-thirds of economic output, after falling 0.9 percent in the previous quarter, the Commerce Department said.

Sales of cars and homes helped boost spending as consumers took advantage of government programmes and tax rebates designed to stimulate the economy.

The economy shrank 0.7 percent in the previous quarter and a massive 6.4 percent in the first three months of the year. Unemployment remains at a 26-year high, despite dipping in November to 10 percent from a high of 10.2 in October.

Economist said they remain optimistic about fourth quarter growth, with predictions of 3.5 percent to 4.5 percent growth, Bloomberg financial news reported.