refer to exhibit 6-1. what is the value of gross domestic product?

Real gross domestic production (Gross domestic product) increased at an annual rate of 6.nine pct in the fourth quarter of 2022 (tabular array 1), according to the "advance" guess released past the Bureau of Economical Assay. In the third quarter, real GDP increased 2.3 percent.

The Gross domestic product estimate released today is based on source data that are incomplete or subject field to further revision by the source agency (refer to "Source Data for the Advance Approximate" on page 4). The "2nd" estimate for the fourth quarter, based on more complete data, volition be released on February 24, 2022.

The increase in real Gdp primarily reflected increases in private inventory investment, exports, personal consumption expenditures (PCE), and nonresidential fixed investment that were partly offset by decreases in both federal and country and local regime spending. Imports, which are a subtraction in the calculation of Gross domestic product, increased (tabular array ii).

COVID-nineteen Bear on on the Fourth-Quarter 2022 Gdp Estimate

The increment in fourth quarter Gross domestic product reflected the continued economical touch on of the COVID-19 pandemic. In the fourth quarter, COVID-19 cases resulted in connected restrictions and disruptions in the operations of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased every bit provisions of several federal programs expired or tapered off. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the fourth quarter because the impacts are generally embedded in source information and cannot be separately identified. For more than information, refer to the Technical Notation and Federal Recovery Programs and BEA Statistics.

The increase in individual inventory investment was led by retail and wholesale trade industries. Within retail, inventory investment past motor vehicle dealers was the leading contributor. The increment in exports reflected increases in both goods and services. The increase in exports of goods was widespread, and the leading contributors were consumer appurtenances, industrial supplies and materials, and foods, feeds, and beverages. The increment in exports of services was led by travel. The increase in PCE primarily reflected an increase in services, led past health intendance, recreation, and transportation. The increment in nonresidential stock-still investment primarily reflected an increase in intellectual holding products that was partly offset by a decrease in structures.

The decrease in federal regime spending primarily reflected a decrease in defense force spending on intermediate goods and services. The decrease in land and local government spending reflected decreases in consumption expenditures (led by bounty of state and local government employees, notably education) and in gross investment (led by new educational structures). The increase in imports primarily reflected an increment in goods (led past not-food and non-automotive consumer goods, as well every bit capital letter goods).

Real Gross domestic product accelerated in the fourth quarter, increasing 6.nine percentage later on increasing 2.iii percent in the 3rd quarter. The acceleration in real GDP in the fourth quarter primarily reflected an upturn in exports, accelerations in private inventory investment and PCE, and smaller decreases in residential stock-still investment and federal authorities spending that were partly offset by a downturn in state and local government spending. Imports accelerated.

Current‑dollar GDP increased 14.3 percent at an almanac charge per unit, or $790.1 billion, in the fourth quarter to a level of $23.99 trillion. In the tertiary quarter, Gdp increased viii.4 percent, or $461.3 billion (table 1 and table 3).

The toll alphabetize for gross domestic purchases increased 6.9 percent in the fourth quarter, compared with an increase of 5.6 percent in the tertiary quarter (table four). The PCE price alphabetize increased 6.v percent, compared with an increment of v.iii percentage. Excluding food and energy prices, the PCE price alphabetize increased 4.9 percent, compared with an increase of 4.6 per centum.

Personal Income

Electric current-dollar personal income increased $106.3 billion in the fourth quarter, compared with an increase of $127.9 billion in the third quarter. The increase primarily reflected increases in compensation (led by private wages and salaries), personal income receipts on assets, and rental income that were partly offset past a decrease in personal current transfer receipts (notably, government social benefits) (table 8). Within government social benefits, the subtract was more deemed for by a decrease in unemployment insurance, following the expiration of pandemic-related unemployment programs.

Disposable personal income increased $14.i billion, or 0.3 pct, in the fourth quarter, compared with an increase of $36.seven billion, or 0.8 percent, in the tertiary quarter. Existent disposable personal income decreased 5.8 percent, compared with a decrease of 4.iii percent.

Personal saving was $i.34 trillion in the quaternary quarter, compared with $1.72 trillion in the third quarter. The personal saving rate—personal saving equally a per centum of dispensable personal income—was vii.iv percent in the 4th quarter, compared with 9.five percent in the tertiary quarter.

GDP for 2021

Existent GDP increased 5.vii percent in 2022 (from the 2022 annual level to the 2022 annual level), in dissimilarity to a decrease of 3.4 percent in 2022 (table i). The increase in real GDP in 2022 reflected increases in all major subcomponents, led by PCE, nonresidential stock-still investment, exports, residential fixed investment, and private inventory investment. Imports increased (table two).

The increment in PCE reflected increases in both appurtenances and services. Within appurtenances, the leading contributors were "other" nondurable goods (including games and toys as well as pharmaceuticals), wearable and footwear, and recreational appurtenances and vehicles. Inside services, the leading contributors were food services and accommodations equally well as health intendance. The increase in nonresidential stock-still investment reflected increases in equipment (led past data processing equipment) and in intellectual belongings products (led past software as well as research and evolution) that were partly offset by a decrease in structures (widespread beyond most categories). The increase in exports reflected an increase in goods (mainly non-automotive capital letter goods) that was partly starting time by a decrease in services (led past travel as well as royalties and license fees). The increase in residential fixed investment mainly reflected an increase in new single family unit construction. The increment in individual inventory investment primarily reflected an increase in wholesale trade (mainly in durable goods industries).

Current-dollar GDP increased 10.0 pct, or $2.10 trillion, in 2022 to a level of $22.99 trillion, in contrast to a subtract of ii.2 percent, or $478.9 billion, in 2022 (tables one and 3).

The price index for gross domestic purchases increased 3.ix percent in 2021, compared with an increase of one.2 percent in 2022 (table 4). Similarly, the PCE price alphabetize increased 3.9 percent, compared with an increase of ane.2 percentage. Excluding food and energy prices, the PCE price alphabetize increased 3.iii percent, compared with an increase of 1.4 percent.

Measured from the quaternary quarter of 2022 to the fourth quarter of 2021, real GDP increased 5.5 percent during the period (table 6), in dissimilarity to a subtract of 2.3 percentage from the fourth quarter of 2022 to the fourth quarter of 2020.

The price index for gross domestic purchases, as measured from the 4th quarter of 2022 to the fourth quarter of 2021, increased 5.5 pct, compared with an increment of ane.4 percent from the fourth quarter of 2022 to the fourth quarter of 2020. The PCE toll index increased 5.5 percentage, compared with an increase of 1.2 per centum. Excluding food and free energy, the PCE price index increased four.half-dozen percent, compared with an increase of one.iv percent.

Source Data for the Advance Estimate

Data on the source data and key assumptions used in the advance estimate is provided in a Technical Note that is posted with the news release on BEA'due south website. A detailed "Central Source Data and Assumptions" file is also posted for each release. For information on updates to Gdp, refer to the "Boosted Data" section that follows.

Annual Update of the National Economic Accounts

BEA will release results from the 2022 almanac update of the National Economical Accounts, which includes the National Income and Product Accounts as well as the Manufacture Economic Accounts, on September 29, 2022. This update will nowadays revised statistics for GDP, GDP by Manufacture, and gross domestic income that cover the first quarter of 2022 through the beginning quarter of 2022. More than information on the 2022 annual update will be included on BEA'south website too equally in a forthcoming Survey of Current Business article, "GDP and the Economic system."

*          *          *

Side by side release, February 24, 2022 at viii:xxx A.M. EST
Gross Domestic Production (Second Estimate)
Fourth Quarter and Year 2021

*          *          *

Release Dates in 2022
Approximate	2021 Q4 and Year 2021	2022 Q1	2022 Q2	2022 Q3
Gross domestic product
Advance Gauge	Jan 27, 2022	April 28, 2022	July 28, 2022	Oct 27, 2022
2d Estimate	February 24, 2022	May 26, 2022	Baronial 25, 2022	November 30, 2022
Tertiary Estimate	March 30, 2022	June 29, 2022	September 29, 2022	Dec 22, 2022
Gross Domestic Product by Industry	March xxx, 2022	June 29, 2022	September 29, 2022	Dec 22, 2022
Corporate Profits
Preliminary Estimate	---	May 26, 2022	August 25, 2022	November 30, 2022
Revised Guess	March 30, 2022	June 29, 2022	September 29, 2022	December 22, 2022

prindledevoing.blogspot.com

Source: https://www.bea.gov/news/2022/gross-domestic-product-fourth-quarter-and-year-2021-advance-estimate

Share this post