GDP Growth Revised From 0.1% to 0.4%
The Bureau of Economic Analysis (BEA) of the US Department of Commerce released the finalized GDP numbers for the fourth quarter of 2012 earlier today.
According to the BEA, real gross domestic product increased at an annual rate of 0.4% in the fourth quarter of 2012. This is up from the BEA's second estimate of 0.1% growth for the quarter.
The 0.4% GDP growth in the fourth quarter of last year was the slowest quarter of growth that the United States has posted since the first quarter of 2011 (+0.1%).
Some of the more interesting numbers from today's report:
-real personal consumption expenditures increased 1.8% in Q4, up from 1.6% in Q3
-real nonresidential fixed investment increased 13.2% in the fourth quarter, up from a decrease of 1.8% in the third quarter
-real GDP increased 2.2% in 2012, up from a 1.8% increase in 2011
Here is the Q4/2012 estimate history:
First Estimate, -0.1%
Second Estimate, 0.1%
Third Estimate, 0.4%
Finally, the quarterly growth numbers for 2012:
Source: Historical GDP Numbers
Filed under: General Knowledge