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February 27, 2020US GDP 2019 Q4 & ANNUAL
The US economy grew 2.1 per cent (seasonally adjusted annualized rate, chained 2012 dollars) in Q4 2019, unrevised from the advance estimate published by the US Bureau of Economic Analysis. Fourth quarter growth was the same as the pace observed in the third quarter, reflecting gains in personal consumer expenditure, government spending, exports and residential investment as well as a decline in imports. There were offsetting declines from inventory accumulation and nonresidential investment.
The revised estimates for Q4 2019 reflect upward revisions to inventory accumulation, federal government spending and exports. There were offsetting downward revisions to personal consumer expenditure, state/local government spending as well as an upward revision to imports (which reduces GDP).
US nominal GDP growth (including the impacts of rising prices) was 3.5 per cent in Q4, slightly lower than the advance estimate of 3.6 per cent.
ANNUAL 2019
US real GDP increased by 2.3 per cent in 2019, slower than the pace of 2.9 per cent set in 2018. Contributions to growth came from personal consumer expenditure (+2.6 per cent in real terms, more from goods than from services), nonresidential investment (+2.1 per cent on rising machinery/equipment and intellectual property) and government spending (+2.3 per cent, more from Federal than state/local). Exports were little changed in 2019. There were offsetting declines in residential investment (-1.5 per cent) as well as rising imports (+1.0 per cent).
US nominal GDP increased by 4.1 per cent in 2019.
Source: US Bureau of Economic Analysis
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