By November’s preliminary estimate, gross domestic product grew at an annualized rate of 5.5% in 1999:IIIQ. This was stronger than expected and stronger than October’s 4.8% estimate. Most of the upward revision can be traced to reduced estimates of imports and increased estimates of private inventory accumulation. The overall shape of the economy did not change, however; it showed very robust growth of both nonresidential investment in equipment and software and consumer spending on durables. These were offset only partially by reduced expenditures on residential and nonresidential structures and by more rapid growth of imports than exports.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-12, pp. 09-10, 12.01.1999.