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[IWS] BEA: Gross Domestic Product, 4th quarter and annual 2012 (advance estimate) [30 January 2013]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
National Income and Product Accounts
Gross Domestic Product, 4th quarter and annual 2012 (advance estimate) [30 January 2013]
[full-text, 16 pages]
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- decreased at an annual rate of 0.1 percent in the fourth quarter of 2012
(that is, from the third quarter to the fourth quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.
The Bureau emphasized that the fourth-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page 4
and the "Comparisons of Revisions to GDP" on page 5). The "second" estimate for the fourth quarter,
based on more complete data, will be released on February 28, 2013.
The decrease in real GDP in the fourth quarter primarily reflected negative contributions from
private inventory investment, federal government spending, and exports that were partly offset by
positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment,
and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased.
The downturn 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.
Final sales of computers added 0.15 percentage point to the fourth-quarter change in real GDP
after adding 0.11 percentage point to the third-quarter change. Motor vehicle output added 0.04
percentage point to the fourth-quarter change in real GDP after subtracting 0.25 percentage point from
the third-quarter change.
FOOTNOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005)
dollars. Price indexes are chain-type measures.
This news release is available on www.bea.gov along with the Technical Notes and Highlights
related to this release.
AND MUCH MORE...including TABLES....
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