RJ and Makay

The economy is poised to expand at its fastest pace in eight years because of brisk consumer and business spending, according to a new survey of 51 economists by the Wall Street Journal.

The economists predict gross domestic product (GDP) will be 3.5% higher in the fourth quarter of 2011 than a year earlier, a slight increase from the 3.3% they projected last month and, if it comes to pass, the largest increase since 2003. GDP is expected to grow at a 3.6% annual rate in the current quarter, a 0.4% increase from the final quarter of 2010.