US’ GDP lower than expected in last quarter of 2013

Washington, D.C., February 28th, 2014.- The Commerce Department of the United States presents the Gross Domestic PRoduct (GDP) estimate corresponding to the fourth quarter and annual of 2013.


Real gross domestic product increased at an annual rate of 2.4% in the fourth quarter of 2013 (that is, 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 4.1%.


The deceleration in real GDP growth in the fourth quarter reflected a deceleration in private inventory investment, a larger decrease in federal government spending, and downturns in residential fixed investment and in state and local government spending that were partly offset by accelerations in exports, in PCE, and in nonresidential fixed investment and a deceleration in imports.


Real GDP increased 1.9% in 2013 (that is, from the 2012 annual level to the 2013 annual level), compared with an increase of 2.8% in 2012.


The increase in real GDP in 2013 primarily reflected positive contributions from PCE, exports, nonresidential fixed investment, residential fixed investment, and private inventory 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 2013 primarily reflected a deceleration in nonresidential fixed investment, a larger decrease in federal government spending, and decelerations in PCE and in exports that were partly offset by a deceleration in imports and a smaller decrease in state and local government spending.


The price index for gross domestic purchases increased 1.2%in 2013, compared with an increase of 1.7% in 2012. Current-dollar GDP increased 3.4%, or $552.9 billion, in 2013, to a level of 16,797.5 billion, compared with an increase of 4.6%, or 710.8 billion, in 2012.


During 2013 (that is, measured from the fourth quarter of 2012 to the fourth quarter of 2013), real GDP increased 2.5%. Real GDP increased 2% during 2012. The price index for gross domestic purchases increased 1.2% during 2013, compared with an increase of 1.5% during 2012.


Mexican Business Web via the US Commerce Department

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