4th quarter GDP estimates released
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Today to the Bureau of Economic Analysis (BEA) released the advanced estimate 4th quarter GDP numbers. The report shows that GDP increased 3.2% in final quarter of 2010.
A release from BEA explains:
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 3.2 percent in the fourth quarter of 2010, (that is, from the third quarter to the fourth quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.6 percent.
The “second” estimate for the fourth quarter, based on more complete data, will be released on February 25, 2011.
The increase in real GDP in the fourth quarter primarily reflected positive contributions from personal consumption expenditures, exports, and nonresidential fixed investment that were partly offset by a negative contribution from private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased.
Read the full release here.