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Q4 GDP Growth Revised up to 7.0% Annual Rate

by Calculated Risk on 2/24/2022 08:33:00 AM

From the BEA: Gross Domestic Product, Fourth Quarter and Year 2021 (Second Estimate)

Real gross domestic product (GDP) increased at an annual rate of 7.0 percent in the fourth quarter of 2021, according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.3 percent.

The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 6.9 percent. The updated estimates primarily reflected upward revisions to nonresidential fixed investment, state and local government spending, and residential fixed investment that were partly offset by downward revisions to personal consumption expenditures (PCE) and exports.
emphasis added

Here is a Comparison of Second and Advance Estimates. PCE growth was revised down from 3.3% to 3.1%. Residential investment was revised up from -0.8% to 1.0%.

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