Real gross domestic product increased at an annual rate of 6.9% in the fourth quarter of 2021, according to the “third” estimate released by the Bureau of Economic Analysis.

Real GDP increased 2.3% in the third quarter of last year.

The latest GDP estimate is based on “more complete source data than were available for the second estimate issued last month,” the bureau said.

In the second estimate, the increase in real GDP was 7%.

“The downward revision primarily reflected downward revisions to personal consumption expenditures (PCE) and exports that were partly offset by an upward revision to private inventory investment,” the BEA announced.

The bureau 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 bureau said.

“The increase in private inventory investment was led by retail and wholesale trade industries,” the bureau said. “Within retail, inventory investment by motor vehicle dealers was the leading contributor. The increase in exports reflected increases in both goods and services. The increase in exports of goods was widespread, and the leading contributors were consumer goods, foods, feeds, and beverages, as well as industrial supplies and materials. The increase in exports of services was led by travel. The increase in PCE primarily reflected an increase in services, led by health care, financial services and insurance, and recreation. The increase in nonresidential fixed investment primarily reflected an increase in intellectual property products that was partly offset by a decrease in structures.”