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February 24, 2022US GDP 2021 Q4 (SECOND ESTIMATE) 
Today, the Bureau of Economic Analysis released the second estimate of Q4 2021 US Real Gross Domestic Product (GDP).
US real GDP growth was estimated at 7.0% (seasonally adjusted annualized rate) in Q4 2021. This quarter's result follows growth of 2.3% in the previous quarter and is the sixth consecutive quarter of GDP growth as the US economy rebounds from pandemic restrictions in the first half of 2020. US real GDP exceeded pre-pandemic (Q4 2019) levels by 3.2% in Q4 2021.
Growth was revised up from 6.9% in the advance estimate. Upward revisions to non-residential and residential fixed investment and state and local government spending were partially offset by downward revisions to personal consumption expenditures and exports.
US economic growth in the fourth quarter reflected an increase in private inventory investment (led by retail and wholesale trade) after a decline the previous quarter. There was a widespread increase in goods exports, led by consumer goods, industrial supplies and materials, and foods, feeds and beverages. Service exports were up with an increase in travel. Personal consumption expenditures growth was led by service growth in health care, finance and insurance, and transportation. Non-residential investment was up on higher intellectual property products, partially offset by lower investment in structures. Residential investment was up 1.0% after declining in the previous two quarters. Government spending declined 2.6% with lower Federal spending (both defense and non-defense) and lower state and local expenditures in educational structures.
Current-dollar GDP increased 14.6% at an annualized rate. The personal consumption expenditure price index increased 6.3% in Q4, revised down by 0.2 percentage points. Excluding food and energy prices, personal consumption expenditure prices increased 5.0% in Q4.
ANNUAL 2021
US real GDP grew 5.7% in 2021 (unchanged from the advance estimate) after declining 3.4% in 2020. Personal consumption expenditure grew with leading contributors being "other" nondurable goods (games/toys, pharmaceuticals), clothing and footwear, and recreational goods and vehicles. Service growth was led by food services, accommodations, and health care. Non-residential fixed investment grew with rising information processing equipment spending and intellectual property products that was partially offset by a decrease in structures. Export growth reflected an increase in goods, primarily non-automotive capital goods, and a decline in services due to lower travel, royalties and license fees.
Current dollar GDP grew 10.1% in 2021 following a 2.2% decline in 2020. The PCE price index increased 3.9% and if excluding food and energy 3.3% in 2021.
Source: US Bureau of Economic Analysis
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