According to the U.S. Commerce Department’s final estimate, the annualized growth rate of real GDP in 2004:IIQ was 3.3%, up from the preliminary estimate of 2.8%. This increase resulted partly from upward revisions to business inventories, residential investment, and business fixed investment. In addition, exports were higher and imports were lower than originally reported, with the revision increasing the change in net exports by $8.4 billion.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-10, pp. 10-11, 10.01.2004.