NEW YORK (CNN/Money) - General Electric Co. Monday reaffirmed its expectations for 2002 and 2003 earnings, saying it could exceed that performance if the U.S. economy recovers at a quicker pace than expected.

The Fairfield, Conn.-based manufacturer, the world's largest in terms of market value, still expects to earn between $1.65 and $1.67 a share, excluding an accounting change. It also expects "double-digit" earnings growth in 2003. Analysts surveyed by earnings tracker First Call expect earnings of $1.66 in 2002 and $1.84 in 2003.

"As we said in December, we believe that growth in our short-cycle businesses such as GE Plastics and NBC, continued growth at GE Capital, and savings from our initiatives will more than offset the falloff in sales of GE Power Systems gas turbines that we anticipate," GE chief financial officer Keith Sherin said at an investor conference.

Shares of GE (GE: down $0.23 to $39.96, Research, Estimates), which makes such diverse products as aircraft engines and light bulbs and owns the NBC broadcast network, were little changed in midday trading.

Last month, GE said it would change its financial disclosure methods to provide more detail about its operations, including its GE Capital financial services arm, making it the latest company to alter reporting practices in the wake of Enron Corp.'s collapse.

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Former GE CEO Jack Welch retired last September after a 20-year reign in which GE's market capitalization grew to about $400 billion. Its annual revenue swelled to about $125 billion in 2001 from $21 billion in 1981.

Monday's announcement marked the second time this year GE reaffirmed its earnings forecast; it made a similar announcement on Feb. 5.