By Robert Hughes
Real gross domestic product rose at a 2.6 percent annualized rate in the fourth quarter, down from a 3.4 percent pace in the third quarter, according to the Bureau of Economic Analysis. Measured from fourth quarter 2017 to fourth quarter 2018, real GDP increased 3.1 percent (see chart). For calendar year 2018, real GDP grew 2.9 percent, the highest since 2015. Growth in the fourth quarter was driven primarily by solid gains in consumer spending and business investment. Inventory accumulation and government spending made small contributions, offset by small declines in trade