Gross domestic product (GDP) grew at a 1.0% annual rate in 2000:IVQ. Consumer spending was revised downward but remained healthy, with nearly 3% growth. Business fixed investment fell only slightly this quarter, the drop in equipment and software purchases being offset by strong growth in business structures. Residential investment and exports were also off modestly, while greater government spending added to fourth-quarter growth.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-04, pp. 10-11, 04.01.2001.