The 2001:IVQ preliminary estimate of real GDP, released February 28, revealed a surprisingly robust 1.4% annual growth rate. The preliminary estimate represented an increase of 1.2 percentage points over the advance estimate. This substantial upward revision resulted primarily from a downward revision to imports and an upward revision to personal consumption expenditures. The trade deficit narrowed as imports fell $26.0 billion, in contrast to the $12.6 billion drop reported in the advance estimate (chained 1996 dollars). Personal consumption expenditures increased $94.6 billion (chained 1996 dollars) and grew at a 6.0% annual rate—the series’ highest rate since 1998:IIQ.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-03, pp. 10, 03.01.2002.