Q2 2014 real GDP was revised to 4.6%, a strong showing not seen since Q4 2011. Q2 Gross Domestic Product also cancels out the dismal Q1 -2.1% real GDP contraction for the year. Growth was across the board. Investment showed large growth. Personal consumption expenditures increased and were a large component of GDP. Changes in private inventories was a large GDP contribution, but so were exports.
Q4 2013 real GDP was revised significantly downward from the original 3.2% to a weak, measly 2.4%. Personal consumption expenditures was revised down over half a percentage point of GDP. The original estimate for exports was also revised down over a quarter of a percentage point. If the Q4 downward revision in consumer spending isn't bad enough, for all of 2013 annual real GDP was just 1.9%. In 2012, annual GDP was 2.8%.
Q4 2013 real GDP has come in at 3.2%, a good showing. Personal consumption expenditures was almost 70% of the growth whereas federal government spending took off almost a percentage point of GDP. Exports increased significantly while imports did not.
Q3 2013 real GDP had yet another blow out revision upward and is now 4.1%. Originally GDP was reported to be 2.8% for the third quarter, then it was revised to 3.6%. Now we have another revision showing a whopping large third quarter GDP. This is the largest quarterly economic growth since Q4 2011.
Q3 2013 real GDP had a blow out revision and is now 3.6%. Originally GDP was reported to be 2.8% for the third quarter. As estimated, dramatically increasing inventory accumulation was the main cause of the large upward revision to GDP. Changes in inventories accounted for 46.5% of Q3 GDP.
Q3 2013 real GDP came in at 2.8% Changes in business inventories saved the day as did less of an increase in imports. Fixed investment also increased. Government spending declines were about the same as Q2, yet local governments increased spending. Consumer spending was less growth than Q2, only about 37% of this quarter's GDP.
Q2 2013 real GDP was revised significantly upward to 2.5% from the 1.7% originally reported The revision gain was almost all a reduction in the trade deficit as we predicted earlier. The shrink in the trade deficit alone added 0.8 percentage points to Q2 GDP, a welcome change. Unfortunately this is a fluke.
Q1 2013 real GDP came in at 1.7% Q1 GDP was revised down to 1.1%. Government spending declines were much less of a drag on the economy than Q1 while imports sucked out -1.51 percentage points of economic growth. Exports did recover but were about half of what imports subtracted from GDP. Investment grew on across the board increases. Consumer spending decreased slightly from Q1. Generally speaking 1.7% GDP implies fairly weak economic growth, the third quarter in a row for GDP below 2.0%.
Q1 2013 real GDP was revised downward to 1.8% from 2.4%. This is fairly bad news, as fourth quarter 0.4% GDP already showed a stagnant economy. The revisions were so extensive it is like reading a different report. Consumer spending was the biggest downward revision followed by significantly less exports than originally reported.
Q1 2013 real GDP was revised downward slightly to 2.4% from 2.5%. This is still an improvement, from the fourth quarter 0.4% GDP showing a stagnant economy. Consumer spending was the biggest improvement while increased imports posed a major economic drag. Government spending declines continue to be an economic damper. The revision shows more consumer spending than originally reported, less investment, less imports, less exports and government expenditures were less than previously estimated. Generally speaking a 2.4% GDP implies moderate economic growth, yet overall real demand in the economy is still fairly weak.
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