GDP increased at a surprisingly robust 6.9% rate in 1999:IVQ, according to the preliminary estimate released late in February. This was 1.1 percentage points more than the advance estimate released just one month earlier. Such a sizeable increase is outside the range of more than two-thirds of all revisions from advance to preliminary values observed between 1978 and 1998. Values of all major GDP components increased. The smallest revision was to the volume of imports that is subtracted from exports in calculating GDP; the largest was to the already high contribution of personal consumption expenditures.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-03, pp. 09-10, 03.01.2000.