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he U.S. economy expanded at a 4.1% annual rate in the fourth quarter of 2003, just above the 4% gain initially reported a month ago, the Commerce Department said Friday.

Gross domestic product, the value of all goods and services produced, expanded at an 8.2% annual pace in the third quarter, making last year's second half growth rate 6.1%, the strongest six months since the first two quarters of 1984.

Commerce said companies boosted inventories at a $14.9 billion annual rate in the fourth quarter, compared with $6.1 billion estimated last month.

Business fixed investment, which includes spending on commercial construction as well as equipment and software, rose at a 9.3% annual rate in the fourth quarter, revised from an 8.1% increase.

Consumer spending, which accounts for 70% of the economy, grew at a 2.7% annual pace from October through December, faster than the government's advance estimate last month of a 2.6% increase.

The personal consumption expenditures price index, a measure of inflation tied to spending, gained at a 0.7% annual pace, originally reported as a 0.6% increase.

Adjusted for inflation, GDP totaled $10.6 trillion at an annual rate. The GDP price deflator, a measure of prices tied to the report, increased at a 1.2% percent annual rate.

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