The preliminary estimate showed that real gross domestic product (GDP) advanced at an annual rate of 4.0% during 2002:IIIQ. Personal consumption expenditures rose 4.1% (annual rate) and made the largest contribution to real GDP growth. Consumer spending was boosted by a rise of 23.1% (annual rate) in durable goods expenditures. Business spending fell slightly, with expenditures on structures falling $13.0 billion (chained 1996 dollars). Residential investment and government spending both added to real GDP growth, but at a slower rate than in the last four quarters. In international trade, exports increased 3.3% and imports rose only 2.3% (annual rates).
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-12, pp. 10-11, 12.01.2002.