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[IWS] BEA: Gross Domestic Product: Fourth Quarter and Annual 2014 (Advance Estimate) [30 January 2015]
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National Income and Product Accounts
Gross Domestic Product: Fourth Quarter and Annual 2014 (Advance Estimate) [30 January 2015]
[full-text, 17 pages]
Real gross domestic product -- the value of the production of goods and services in the United
States, adjusted for price changes -- increased at an annual rate of 2.6 percent in the fourth quarter of
2014, according to the "advance" estimate released by the Bureau of Economic Analysis. In the third
quarter, real GDP increased 5.0 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 "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 27, 2015.
The increase in real GDP in the fourth quarter reflected positive contributions from personal
consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed
investment, state and local government spending, and residential fixed 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 the fourth quarter primarily reflected an upturn in
imports, a downturn in federal government spending, and decelerations in nonresidential fixed
investment and in exports that were partly offset by an upturn in private inventory investment and an
acceleration in PCE.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
decreased 0.3 percent in the fourth quarter, in contrast to an increase of 1.4 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 0.7 percent,
compared with an increase of 1.6 percent.
AND MUCH MORE...including TABLES....
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