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- U.S. economy expands more than initially thought in Q4
U.S. economy expands more than initially thought in Q4
A report from
the Commerce Department showed on Thursday that the U.S. economy grew more than
initially thought in the fourth quarter of 2020, primarily reflecting an upward
revision to private inventory investment that was partly offset by a downward
revision to nonresidential fixed investment.
According to the third estimate, the U.S. gross domestic product (GDP) grew at an annual rate of 4.3 percent in the fourth quarter, better than a 4.1 percent advance reported in the second estimate.
Economists had
expected the contraction rate to be unrevised at 4.1 percent.
In the third
quarter, the economy expanded by a record 33.4 percent q-o-q.
The increase in
real GDP reflected gains in exports, nonresidential fixed investment, personal
consumption expenditures (PCE), residential fixed investment, and private
inventory investment, which were partly offset by declines in state and local
government spending as well as federal government spending (reflecting fewer
fees paid to administer the Paycheck Protection Program loans). Meanwhile, imports,
which are a subtraction in the calculation of GDP, rose.
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