Real gross domestic product (GDP) – the output of goods and services produced by labor and property located in the U.S. – increased at an annual rate of 3 percent in the fourth quarter of 2011 (from the third quarter to the fourth quarter), according to the second estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 1.8 percent.
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In the advance estimate for the fourth quarter, the increase was 2.8 percent.
The increase in real GDP in the fourth quarter reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), exports, nonresidential fixed investment, and residential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP in the fourth quarter primarily reflected an upturn in private inventory investment and accelerations in PCE and in residential fixed investment that were partly offset by a deceleration in nonresidential fixed investment, a downturn in federal government spending, an acceleration in imports, and a larger decrease in state and local government spending.
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