Table 2 Contributions to Percent Change in Real Gross Domestic Product (Seasonally Adjusted at Annual Rates) Line Percent Change at an Annual Rate 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 1 Gross Domestic Product Percentage Points at Annual Rates 2.4 -5.0 -31.4 33.4 4.3 6.4 2 Personal Consumption Expenditures 1.07 -4.75 -24.0 25.44 1.58 7.02 3 Goods 0.12 0.03 -2.06 9.55 -0.32 4.94 4 Durable Goods 0.22 -0.93 0.00 5.20 -0.09 2.95 5 Nondurable Goods -0.10 0.97 -2.0 4.35 -0.23 2.00 6 Services 0.96 -4.78 -22.0 15.89 1.90 2.07 7 Gross Private Domestic Investments -0.64 -1.56 -8.77 11.96 4.41 -0.87 8 Fixed Investment 0.17 -0.23 -5.27 5.39 3.04 1.77 9 Nonresidential -0.04 -0.91 -3.67 3.20 1.65 1.29 10 Structures -0.16 -0.11 -1.11 -0.53 -0.17 -0.12 11 Equipment -0.10 -0.91 -2.03 3.26 1.32 0.93 12 Intellectual Property Products 0.21 0.11 -0.53 0.46 0.49 0.48 13 Residential 0.22 0.68 -1.60 2.19 1.39 0.49 14 Change in Private Inventories -0.82 -1.34 -3.50 6.57 1.37 -2.64 15 Net Exports of Goods and Services 1.52 1.13 0.62 -3.21 -1.53 -0.87 16 Exports 0.39 -1.12 -9.51 4.89 2.04 -0.10 17 Goods 0.19 -0.20 -6.56 4.87 1.88 -0.06 18 Services 0.20 -0.92 -2.95 0.03 0.16 -0.05 19 Imports 1.13 2.25 10.13 -8.10 -3.57 -0.77 20 Goods 1.15 1.36 7.32 -7.67 -3.12 -0.64 21 Services -0.03 0.90 2.80 -0.43 -0.45 -0.13 22 Government Consumption Expenditures and Gross Investments 0.42 0.22 0.77 -0.75 -0.14 1.12 23 Federal 0.26 0.10 1.17 -0.38 -0.38 0.93 24 National Defense 0.26 -0.01 0.18 0.17 0.17 -0.14 25 Nondefense 0.00 0.11 0.98 -0.55 -0.55 1.07 26 State and Local 0.16 0.12 -0.40 -0.37 -0.37 0.19 Bureau of Economic Analysis Description: • The above table decomposes percent changes in Real GDP into its components (consumption, investment, government, and net exports) and more specific subcomponents. Analysis: • Real GDP grew by 6.4% on an annualized basis since the fourth quarter of 2020 which followed a 4.3% increase from the third quarter of 2020, indicating a strengthening economy. • Expanding personal consumption expenditures contributed more than 100% of the growth in Real GDP. Of the 7.02% contribution to real GDP growth from consumption, goods accounted for 4.94% while services accounted for the balance at 2.07%.
8
Center for Business and Economic Insight
Made with FlippingBook Learn more on our blog