Friday, January 29, 2010

US Q4 2009 GDP rose a lot but ....

According to the "advance" estimate released by the US Bureau of Economic Analysis:

Real gross domestic product, the output of goods and services produced by labor and property
located in the United States, increased at an annual rate of 5.7 percent in the fourth quarter of 2009, (that is, from the third quarter to the fourth quarter),

In the third quarter, real GDP increased 2.2 percent.

But note that:
The Bureau emphasized that the fourth-quarter advance estimate released today is based on

source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the fourth quarter, based on more complete data, will be released on February 26, 2010.

The increase in real GDP in the fourth quarter primarily reflected positive contributions from
private inventory investment, exports, and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, increased.

The acceleration in real GDP in the fourth quarter primarily reflected an acceleration in private inventory investment, a deceleration in imports, and an upturn in nonresidential fixed investment that were partly offset by decelerations in federal government spending and in PCE.

Motor vehicle output added 0.61 percentage point to the fourth-quarter change in real GDP after adding 1.45 percentage points to the third-quarter change.

Excluding food and energy prices, the price index for gross domestic purchases increased 1.2 percent in the fourth quarter, compared with an increase of 0.3 percent in the third.

Real exports of goods and services increased 18.1 percent in the fourth quarter, compared with
an increase of 17.8 percent in the third. Real imports of goods and services increased 10.5 percent, compared with an increase of 21.3 percent.

Real federal government consumption expenditures and gross investment increased 0.1 percent
in the fourth quarter, compared with an increase of 8.0 percent in the third. National defense decreased 3.5 percent, in contrast to an increase of 8.4 percent. Non-defense increased 8.1 percent, compared with an increase of 7.0 percent. Real state and local government consumption expenditures and gross investment decreased 0.3 percent, compared with a decrease of 0.6 percent.


2009 GDP

Real GDP decreased 2.4 percent in 2009 (that is, from the 2008 annual level to the 2009 annual level), in contrast to an increase of 0.4 percent in 2008.


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