The final estimate from the national income and product accounts shows that during 2001:IVQ, real gross domestic product grew at an annual rate of 1.7%. This rate of real GDP growth reflects the resilience of the U.S. economy: It more than triples the real GDP growth rate over the past four quarters. Consumers expressed unreserved confidence during 2001:IVQ, with personal consumption increasing at an annualized rate of 6.1% from the previous quarter and contributing 4.1 percentage points to real GDP growth. Strong government spending also contributed substantially. The greatest drags on output growth in 2001:IVQ came from business fixed investment and the fast pace of inventory liquidation, which accounted for a combined –3.9 percentage points.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-04, pp. 10-11, 04.01.2002.