The U.S. Bureau of Economic Analysis on Thursday reported that the real gross domestic product (GDP) increased at an annual rate of 2.2% in the third estimate of the fourth quarter to fall short of the analysts’ estimate of 2.4%. On a quarterly basis, the GDP growth came in at 1.9% vs 1.8% expected.
Key takeaways from the press release
- With this estimate for the fourth quarter, the general picture of economic growth remains the same; personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment were revised down; imports, which are a subtraction in the calculation of GDP, were also revised down.
- Real gross domestic income (GDI) increased 1.7 percent in the fourth quarter.
- Current dollar GDP increased 4.1 percent, or $206.9 billion, in the fourth quarter to a level of $20.87 trillion.
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