Gross domestic product (GDP) grew at a 2.4% annual rate in 2000:IIIQ. This preliminary estimate, released late in November, is 0.3 percentage point below the advance estimate of a month earlier. Much stronger import growth and slower investment spending estimates contributed to the downward revision. A sharp upward revision to construction spending offset some of these declines, while consumer spending growth was unchanged. Overall, GDP growth posted its lowest rate since 1996:IIIQ. Blue Chip forecasters expect it to rebound slightly to a rate approximately equal to the 30-year average.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-12, pp. 11-12, 12.01.2000.