Gross domestic product (GDP) grew at a 5.6% annual rate in 2000:IIQ. This final estimate, released late in September, is 0.3 percentage point above the preliminary estimate of a month earlier. Most of the revision reflects a significant upward adjustment to net exports. U.S. exports rose 14.4%, compared to the preliminary estimate of 13.5%. Import growth was revised down from 19.5% to 18.5%. Consumer spending and residential investment were revised up modestly, while government spending was adjusted down marginally. Despite the upward revision, inventory accumulation still accounts for more than 30% of GDP growth. Blue Chip forecasters expect a quick deceleration of GDP growth to a rate below the 30-year average.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-10, pp. 10-11, 10.01.2000.