US real GDP rose at an annual rate of 6.9% in the fourth quarter of 2021: BEA

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Real gross domestic product (GDP) in the United States increased by 6.9% annually in the fourth quarter of 2021, according to preliminary estimates released by the Bureau of Economic Analysis (BEA) of the United States Bureau of Economic Analysis. Real GDP increased by 2.3% in the third quarter. The increase in GDP in the fourth quarter reflects the continued economic impact of the COVID-19 pandemic.

The increase in real GDP mainly reflects the increase in private inventory investment, exports, consumer spending (PCE), and non-residential fixed investment, but due to the decrease in both federal, state and local government spending. It was partially offset. According to the press release, imports deducted from GDP calculations have increased.

In the fourth quarter, cases of COVID-19 caused continued restrictions and confusion in the operation of some facilities in the country. Government grants (permitted loans to businesses, subsidies to state and local governments, and social benefits to households) all diminish as the provisions of some federal programs expire or gradually diminish. Did.

Real gross domestic product (GDP) in the United States increased by 6.9% annually in the fourth quarter of 2021, according to preliminary estimates released by the Bureau of Economic Analysis (BEA) of the United States Bureau of Economic Analysis. Real GDP increased by 2.3% in the third quarter. The increase in GDP in the fourth quarter reflects the continued economic impact of the COVID-19 pandemic.

The full economic impact of the COVID-19 pandemic cannot be quantified in the fourth quarter GDP estimates as the impacts are generally embedded in the source data and cannot be identified individually.

The increase in private inventory investment was led by retail and wholesale trade. In the retail industry, inventory investment by car dealers was a major contributor. The increase in exports reflects the increase in both goods and services.

The increase in commodity exports was widespread, with major contributors being consumer goods, manufactured goods and materials, as well as food, feed and beverages. The increase in service exports was driven by travel.

The decline in federal spending mainly reflects a decline in defense spending on intermediate goods and services. Decreased state and local government spending reflects lower consumer spending and total investment.

BEA added that the increase in imports primarily reflected an increase in non-food and non-automobile consumer goods, as well as goods driven by capital goods.

Fiber2Fashion News Desk (DS)

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US real GDP rose at an annual rate of 6.9% in the fourth quarter of 2021: BEA

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