Fourth-quarter economic growth solid

/ Source: The Associated Press

America's economic recovery ended 2003 on a good note, growing at a solid 4.1 percent annual rate, and is expected to do even better in the opening quarter of this year.

The latest reading on gross domestic product for the October-to-December quarter was the same as a previous estimate made a month ago, the Commerce Department reported Thursday. That was consistent with economists' forecasts.

GDP measures that value of all goods and services produced within the United States and is considered the most important barometer of the economy's health.

Economic growth in the current January-to-March quarter is expected to clock in at a rate of 4.5 percent, according to some analysts' forecasts. Growth in the April-to-June quarter also should be around that pace, they said.

Tax refunds and other tax incentives should motivate consumers and businesses to spend and invest more — energizing the economy in the first half of this year, economists said.