Second Estimate Reveals Increase in GDP
According to the BEA (Bureau of Economic Analysis) of the US Department of Commerce, real gross domestic product (GDP) increased 0.1% in the fourth quarter of 2012. The BEA's advance estimate had GDP declining by 0.1% in the fourth quarter, but their second estimate (which is based on more complete data) is showing a very small increase of 0.1%. This means that the United States will likely continue its streak of positive quarterly GDP growth, albeit just barely.
The last time that the United States posted a quarterly decline in GDP growth was the second quarter of 2009 (-0.3%).
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Below I have included the second estimate numbers for Q4/2012, as well as the advance estimate underneath:
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Second Estimate
Quarterly (Annualized):
Q4 2012:
GDP: 0.10%
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Personal Consumption Expenditures: 2.10%
Goods: 4.30%
-a) Durable Goods: 13.80%
-b) Nondurable Goods: 0.10%
Services: 0.90%
Gross Private Domestic Investment: -1.50%
Fixed Investment: 11.20%
-Nonresidential: 9.70%
--a) Structures: 5.80%
--b) Equipment and Software: 11.30%
-Residential: 17.50%
Change in Private Inventories: 0.00%
Net Exports of Goods and Services: 0.00%
Exports: -3.90%
a) Goods: -5.50%
b) Services: 0.10%
Imports: -4.50%
a) Goods: -4.10%
b) Services: -6.60%
Gov. Consumption Expenditures and Gross Investment: -6.90%
Federal: -14.80%
a) National Defense: -22.00%
b) Nondefense: 1.80%
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Advance Estimate
Quarterly (Annualized):
Q4 2012:
GDP: -0.10%
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Personal Consumption Expenditures: 2.20%
Goods: 4.60%
-a) Durable Goods: 13.90%
-b) Nondurable Goods: 0.40%
Services: 0.90%
Gross Private Domestic Investment: -0.60%
Fixed Investment: 9.70%
-Nonresidential: 8.40%
--a) Structures: -1.10%
--b) Equipment and Software: 12.40%
-Residential: 15.30%
Change in Private Inventories: 0.00%
Net Exports of Goods and Services: 0.00%
Exports: -5.70%
a) Goods: -7.90%
b) Services: -0.10%
Imports: -3.20%
a) Goods: -2.70%
b) Services: -5.40%
Gov. Consumption Expenditures and Gross Investment: -6.60%
Federal: -15.00%
a) National Defense: -22.20%
b) Nondefense: 1.40%
Source: BEA.gov
Source: Historical GDP Numbers
Filed under: General Knowledge
