US GDP increased 1.7% in 2011, 3% in Q4

Gross domestic purchases

Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.9 percent in the fourth quarter, compared with an increase of 1.3 percent in the third.

Current-dollar GDP

Current-dollar GDP -- the market value of the nation's output of goods and services – increased 3.9 percent, or $144.7 billion, in the fourth quarter to a level of $15,320.8 billion. In the third quarter, current-dollar GDP increased 4.4 percent, or $163.3 billion.

Revisions

The "second" estimate of the fourth-quarter increase in real GDP is 0.2 percentage point, or $7.5 billion, higher than the advance estimate issued last month. The upward revision to the percent change in real GDP primarily reflected an upward revision to nonresidential fixed investment, a downward revision to imports, and an upward revision to personal consumption expenditures (PCE).

2011 GDP

Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.

The increase in real GDP in 2011 primarily reflected positive contributions from PCE, exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in 2011 primarily reflected downturns in private inventory investment and in federal government spending and a deceleration in exports that were partly offset by a deceleration in imports and an acceleration in nonresidential fixed investment.

The price index for gross domestic purchases increased 2.5 percent in 2011, compared with an increase of 1.5 percent in 2010.

Current-dollar GDP increased 3.9 percent, or $567.9 billion, in 2011 to a level of $15,094.4 billion. In 2010, current-dollar GDP increased 4.2 percent, or $587.5 billion.

During 2011 (that is, measured from the fourth quarter of 2010 to the fourth quarter of 2011), real GDP increased 1.6 percent. Real GDP increased 3.1 percent during 2010. The price index for gross domestic purchases increased 2.6 percent during 2011, compared with an increase of 1.4 percent during 2010.

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