U.S. gross domestic product, increased at a 3.8% annual rate during October through December, the same as estimated in an interim report a month ago, the Commerce Department said today.

Meanwhille, U.S. corporate profits rebounded in the fourth quarter of 2004 after a stormy performance in the previous three months, Commerce said.

Corporate profits after taxes rose 12.5% in 2004’s final quarter, the largest climb since the fourth quarter of 2001, when earnings shot up 18.9%. Year over year, profits advanced 11% as compared to the fourth quarter in 2003.

Commerce said consumer spending climbed 4.2%, unchanged from the previous estimate and lower than the third quarter’s 5.1% gain. Business spending rose 14.5%, up from the earlier estimated 14.0% increase, but inventory investment by private companies was weaker than earlier believed.

Exports rose by an upwardly revised 3.2%, while imports increased by an unrevised 11.4%.

Fourth-quarter federal government spending went up 1.2%, lower than the earlier estimated 1.7% climb; third-quarter spending went up 4.8%. State and local government outlays increased 0.6% in the fourth quarter.