Wednesday, February 29, 2012
[IWS] Gross Domestic Product, 4th quarter 2011 and annual 2011 (second estimate) [29 February 2012]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
Gross Domestic Product, 4th quarter 2011 and annual 2011 (second estimate) [29 February 2012]
[full-text, 13 pages]
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 3.0 percent in the fourth quarter of 2011
(that is, from the third quarter to the fourth quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the third quarter, real GDP increased 1.8 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.8
percent (see "Revisions" on page 3).
The increase in real GDP in the fourth quarter reflected positive contributions from private
inventory investment, personal consumption expenditures (PCE), exports, nonresidential fixed
investment, and residential fixed investment that were partly offset by negative contributions from
federal government spending and state and local government spending. Imports, which are a subtraction
in the calculation of GDP, increased.
The acceleration in real GDP in the fourth quarter primarily reflected an upturn in private
inventory investment and accelerations in PCE and in residential fixed investment that were partly offset
by a deceleration in nonresidential fixed investment, a downturn in federal government spending, an
acceleration in imports, and a larger decrease in state and local government spending.
Final sales of computers added 0.12 percentage point to the fourth-quarter change in real GDP
after adding 0.22 percentage point to the third-quarter change. Motor vehicle output added 0.43
percentage point to the fourth-quarter change in real GDP after adding 0.12 percentage point to the
FOOTNOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates.
Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in
chained (2005) dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site along with the Technical Note and Highlights
related to this release. For information on revisions, see "Revisions to GDP, GDI, and Their Major
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