Real gross domestic product increased at an annual rate of 7% in the fourth quarter of 2021, according to the “second” estimate released by the Bureau of Economic Analysis.

In the third quarter, real GDP increased 2.3%.

The GDP estimate released Thursday is based on more complete source data than were available for the “advance” estimate issued last month, the BEA said. In the advance estimate, the increase in real GDP was 6.9%.

“The updated estimates primarily reflected upward revisions to nonresidential fixed investment, state and local government spending, and residential fixed investment that were partly offset by downward revisions to personal consumption expenditures (PCE) and exports…” the BEA said.

The increase in real GDP primarily reflected increases in private inventory investment, exports, PCE, and nonresidential fixed investment that were partly offset by decreases in both federal and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased, the BEA said.