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By Harriet Torry The U.S. economy grew steadily in the fourth quarter of 2020 and is forecast to continue recovering this year from the effects of the pandemic. Yet despite a strong rebound in the second half of last year, the economy contracted 3.5% in 2020, measured year over year, the first decline since the 2008 financial crisis and the largest since 1946. Measured from the fourth quarter to the same quarter a year earlier the economy shrank 2.5% Fourth-quarter U.S. gross domestic product the value of all goods and services produced across the economy, adjusted for seasonality and inflation grew by 4%, the Commerce Department said on Thursday. That joined a record gain in the third quarter to further reduce losses from earlier in the pandemic.