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The annualized percent change in real GDP for the fourth quarter of 2013 was revised up from 2.4 percent to 2.6 percent based on the third estimate. The improvement in GDP growth was mostly the result of an upward revision to consumption, which was partially offset by downward revisions to business fixed investment and inventories. Consumption is now estimated to have increased 3.3 percent, compared with a previous estimate of 2.6 percent, and the contribution of consumption to GDP growth was revised up from 1.7 percentage points to 2.2 percentage points. The entire upward revision to consumption was the result of an upward revision to services consumption, and much of the improvement in services consumption is related to consumption of medical services. Consumption of medical services is now estimated to have contributed 0.6 percentage points to GDP growth, compared with a previous estimate of 0.2 percentage points.
Business fixed investment was revised down from a 7.3 percent increase to a 5.7 percent increase for the quarter. The result was a decline in the contribution of business fixed investment to GDP from 0.9 percentage points to 0.7 percentage points, while the contribution of inventory investment was also revised down from 0.1 percentage point to zero. Residential investment, as well as imports and exports were mostly unrevised, while government spending was revised up slightly from a 5.6 percent decline to a decline of 5.2 percent.