—<\/p>\n
Real gross domestic product — the output of goods and services produced by labor and property
located in the United States — increased at an annual rate of 5.6 percent in the fourth quarter of 2009,
(that is, from the third quarter to the fourth quarter), according to the “third” estimate released by the
Bureau of Economic Analysis. In the third quarter, real GDP increased 2.2 percent.<\/p>\n
The GDP estimate released today is based on more complete source data than were available for
the “second” estimate issued last month. In the second estimate, the increase in real GDP was 5.9
percent (see “Revisions” on page 3).<\/p>\n
The increase in real GDP in the fourth quarter primarily reflected positive contributions from
private inventory investment, exports, personal consumption expenditures (PCE), and nonresidential
fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.<\/p>\n
The acceleration in real GDP in the fourth quarter primarily reflected an acceleration in private
inventory investment, an upturn in nonresidential fixed investment, an acceleration in exports, and a
deceleration in imports that were partly offset by decelerations in PCE and in federal government
spending.<\/p>\n
Motor vehicle output added 0.45 percentage point to the fourth-quarter change in real GDP after
adding 1.45 percentage points to the third-quarter change. Final sales of computers added 0.01
percentage point to the fourth-quarter change in real GDP after subtracting 0.08 percentage point from
the third-quarter change.<\/p>\n
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.0 percent in the fourth quarter, 0.1 percentage point more than in the second estimate; this
index increased 1.3 percent in the third quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 1.5 percent in the fourth quarter, compared with an increase of 0.3
percent in the third.<\/p>\n
Real personal consumption expenditures increased 1.6 percent in the fourth quarter, compared
with an increase of 2.8 percent in the third. Real nonresidential fixed investment increased 5.3 percent,
in contrast to a decrease of 5.9 percent. Nonresidential structures decreased 18.0 percent, compared
with a decrease of 18.4 percent. Equipment and software increased 19.0 percent, compared with an
increase of 1.5 percent. Real residential fixed investment increased 3.8 percent, compared with an
increase of 18.9 percent.<\/p>\n
Real exports of goods and services increased 22.8 percent in the fourth quarter, compared with
an increase of 17.8 percent in the third. Real imports of goods and services increased 15.8 percent,
compared with an increase of 21.3 percent.<\/p>\n
Real federal government consumption expenditures and gross investment were unchanged in the
fourth quarter, compared with an increase of 8.0 percent in the third. National defense decreased 3.6
percent, in contrast to an increase of 8.4 percent. Nondefense increased 8.3 percent, compared with an
increase of 7.0 percent. Real state and local government consumption expenditures and gross
investment decreased 2.2 percent, compared with a decrease of 0.6 percent.<\/p>\n
The change in real private inventories added 3.79 percentage points to the fourth-quarter change
in real GDP, after adding 0.69 percentage point to the third-quarter change. Private businesses
decreased inventories $19.7 billion in the fourth quarter, following decreases of $139.2 billion in the
third quarter and $160.2 billion in the second.<\/p>\n
Real final sales of domestic product — GDP less change in private inventories — increased 1.7
percent in the fourth quarter, compared with an increase of 1.5 percent in the third.<\/p>\n