The advance (first) estimate of gross domestic product (GDP) for 1999:IQ shows strong economic growth continuing into the beginning of 1999. The 4.5% annualized GDP growth rate was unexpectedly robust. Blue Chip forecasters had been marking up their forecasts this year, but their expectation for first-quarter growth was only three-quarters of the actual rate in the advance estimate.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-05, pp. 09-10, 05.01.1999.