WASHINGTON. Apr 3: The US economy grew at a revised annual rate of seven per cent during the last quarter of 1993. according to final figures released by the Department of Commerce, according to a USIS release..

The fourth, quarter figure .for gross domestic product (GDP) — the total value of goods and services produced in the United States after adjustment for 'inflation — was 0.5 per cent point less than the preliff!friary estimate announced March 1. However, It was still the strongest quarterly period of GDP growth since the first quarter of 1984, When the economy. expanded af a 7.9 per cent rate.

In the third quarter, real GDP Increased at a 2.9 per cent rate, while growth for all of 1993 was 3.0 per cent, the best annual growth since 1988 when the economy expanded 3.9 per cent. GDP growth in 1992 was 2.6 per cent.

Commerce Secretary Ronald Brown said the fact that strong GDP growth In the fourth quarter was accompanied by a significant Increase in corporate profits “is good news about the economy's fundamental strength and bal-anCe."

The largest downward revisions in the final fourth quarter estimate were in inventory Investment and In personal consumption expenditures.

Inflation, as measured by the GDP fixed-weights price Hide?, was at.an annual rate of 2.3 per cent in,the fourth quarter, the same as the preliminary estimate of March 1. The fixed-weights index rose at a 2.1 per cent rate in the third quarter and 3,1 per cent for all of 1993.