The latest revised data from the BEA: Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 0.4 percent in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, real GDP increased 0.1 percent. While
nonresidential fixed investment is higher than previously estimated, the revision to GDP has not
changed the general picture of the economy (for more information, see "Revisions" on page 3).
The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed
investment that were partly offset by negative contributions from private inventory investment, federal
government spending, exports, and state and local government spending. Imports, which are a
subtraction in the calculation of GDP, decreased.
The deceleration in real GDP in the fourth quarter primarily reflected downturns in private
inventory investment, in federal government spending, in exports, and in state and local government
spending that were partly offset by an upturn in nonresidential fixed investment, a larger decrease in
imports, and an acceleration in PCE.
Motor vehicle output added 0.18 percentage point to the fourth-quarter change in real GDP after
subtracting 0.25 percentage point from the third-quarter change. Final sales of computers added 0.10
percentage point to the fourth-quarter change in real GDP after adding 0.11 percentage point to the
See full release.