Real gross domestic product (GDP) growth was revised down 0.7 percentage point from the advance estimate to an annualized rate of 1.3% in 2001:IQ. The estimate of personal consumption growth was lowered slightly but remains healthy at nearly 3%. Business fixed investment growth was revised up a full percentage point to 2.1%, primarily because stronger growth in structures more than offset a slight drop in equipment investment. Residential investment and exports were also off modestly, while government spending growth was higher than originally estimated. Private inventories made the biggest contribution to the difference between the advance and the preliminary estimate. During 2001:IQ, changes in private inventories contributed –2.9 percentage points to real GDP growth, nearly 0.5 point less than the advance estimate of –2.4%.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-06, pp. 10-11, 06.01.2001.