The final estimate from the National Income and Product Accounts for 2001:IQ reveals that real GDP grew at an annual rate of 1.2% in that quarter, down slightly from the preliminary estimate of 1.3%. Personal consumption expenditures made the largest positive contribution to output growth. Government spending and imports also made substantial positive contributions. Inventory investment, on the other hand, exerted a heavy negative drag on first-quarter GDP growth.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-07, pp. 10-11, 07.01.2001.