The preliminary estimate for the national income and product accounts (NIPA) for 2001:IIQ, released on August 29, paints a gloomier picture than the advance estimate for the quarter. According to the preliminary estimate, real GDP growth was a rather anemic 0.2%, down from the earlier estimate of 0.7% (both figures are for the quarter, expressed at annual rates). This makes 2000:IIQ the weakest quarter since 1993. To the extent that there is good news, it is that the economy did not experience negative growth, and thus has not yet entered a recession.
Type: Economic Trends
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-09, pp. 10-11, 09.01.2001.