Real GDP grew at an annual rate of 3.2% in the fourth quarter of 2010, according to an advance estimate just released by the Commerce Department. And the economy grew at a rate of 2.9% in 2010 after Real GDP decreased 2.6% in 2009.  According to the Bureau of Economic Analysis, personal consumption expenditures, exports, and nonresidential fixed investment were the primary drivers of the fourth quarter growth:

Real personal consumption expenditures increased 4.4 percent in the fourth quarter, compared with an increase of 2.4 percent in the third. Durable goods increased 21.6 percent, compared with an increase of 7.6 percent. Nondurable goods increased 5.0 percent, compared with an increase of 2.5 percent. Services increased 1.7 percent, compared with an increase of 1.6 percent.

Real nonresidential fixed investment increased 4.4 percent in the fourth quarter, compared with an increase of 10.0 percent in the third. Nonresidential structures increased 0.8 percent, in contrast to a decrease of 3.5 percent. Equipment and software increased 5.8 percent, compared with an increase of 15.4 percent. Real residential fixed investment increased 3.4 percent, in contrast to a decrease of 27.3 percent.

Real exports of goods and services increased 8.5 percent in the fourth quarter, compared with an increase of 6.8 percent in the third. Real imports of goods and services decreased 13.6 percent, in contrast to an increase of 16.8 percent.

Read the BEA release here.