The preliminary estimate from the national income and product accounts revealed that real gross domestic product (GDP) grew at an annual rate of 5.6% during 2002:IQ. Consumer spending, which increased a respectable 3.2%, was a primary contributor to real GDP growth. The 9.6% decline in durable goods spending was somewhat expected because incentives to buy automobiles had boosted the numbers for 2001:IVQ. Residential investment grew nearly 15%, reflecting the extraordinarily robust housing market of 2002:IQ. In addition, both exports and imports increased for the first time since 2000:IIIQ, signaling stronger foreign and domestic demand.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-06, pp. 10-11, 06.01.2002.