The 2020 Mid-Year Economic Update_long

Real GDP Grows 2.2% in 4Q

Real gross domestic product increased 2.4 percent in 2014.

Real gross domestic product for the U.S. increased at an annual rate of 2.2 percent in the fourth quarter, according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 5 percent.

The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures, nonresidential fixed investment, exports, state and local government spending, private inventory investment, and residential fixed investment that were partly offset by a negative contribution from federal government spending.  Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP growth in the fourth quarter primarily reflected an upturn in imports, a downturn in federal government spending, and decelerations in nonresidential fixed investment and in exports that were partly offset by an acceleration in PCE, an upturn in private inventory investment, and an acceleration in state and local government spending.

In 2014, real GDP increased 2.4 percent, compared with an increase of 2.2 percent in 2013.

The increase in real GDP in 2014 reflected positive contributions from personal consumption expenditures, nonresidential fixed investment, exports, private inventory investment, state and local government spending and residential fixed investment that were partly offset by a negative contribution from federal government spending.  Imports, which are a subtraction in the calculation of GDP, increased.

The acceleration in real GDP growth in 2014 primarily reflected an acceleration in nonresidential fixed investment, a smaller decrease in federal government spending, and accelerations in PCE, in state and local government spending, and in private inventory investment that were partly offset by an acceleration in imports and a deceleration in residential fixed investment.

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