REAGAN UPBEAT ABOUT LATEST GNP FIGURES President Reagan said the 1.1 pct U.S. economic growth rate during the final quarter of 1986 "wasn't all that bad." The Commerce Department said the rate of growth of the Gross National Product in the October-December period was only slightly less than a preliminary estimate of 1.3 pct made earlier. At the same time, it said inflation, as measured by the GNP price deflator, rose by 0.7 pct during the period. Asked his reaction to the GNP report during a White House photo session, Reagan replied, "It wasn't all that bad."