Final GDP estimates for 1998:IVQ are little changed from the preliminary estimates of a month earlier. Personal consumption expenditures, particularly on motor vehicles and parts, are a bit stronger; nonresidential fixed investment and inventories are a bit weaker. Both consumption and business and residential investment were about as strong in 1998:IVQ as in the year as a whole. Exports provided the extra force, adding about two percentage points to fourth-quarter GDP growth relative to preceding quarters. Clearly, the strong fourth-quarter growth was unexpected as recently as January. Successive GDP releases have confirmed that strength, prompting upward revisions for all four quarters of 1999.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-04, pp. 09-10, 04.01.1999.