Title: Real GDP: Fourth-Quarter 2009 Advance Estimate
Abstract: GDP had its strongest quarter in more than six years, coming in above the majority of analysts’ estimates at an annualized rate of 5.7 percent for the fourth quarter of 2009. The four-quarter growth rate returned to positive levels for the first time since the third quarter of 2008. The big jump was largely driven by a 3.4 percentage point (pp) increase in private inventories, which happened to be that component’s largest contribution to GDP growth since the first quarter of 1984. Smaller positive contributions also came in from all components except for government spending, and even that negative contribution (−0.02 pp) was minimal. Personal consumption rose another 2.0 percent in the fourth quarter, adding 1.4 pp to real growth. Residential investment grew 5.7 percent this quarter, much less than its third-quarter growth of 18.9 percent, but still contributing 0.1 pp to GDP growth.
Publication Year: 2010
Publication Date: 2010-02-08
Language: en
Type: article
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