US slightly revises up its GDP estimate for Q4 to 7%

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — The U.S. economy ended 2021 by expanding at a brisk 7% annual pace from October through December, the government reported in a slight upgrade from its earlier estimate. For all of 2021, the nation’s gross domestic product — its total output of goods and services — jumped by 5.7%, the fastest calendar-year growth since a 7.2% surge in 1984 in the aftermath of a brutal recession. So far this year, though, the outlook for the economy has dimmed considerably in the face of accelerating inflation, higher borrowing rates, anxious financial markets and the likelihood of a serious military conflict caused by Russia’s aggression toward Ukraine.