BEA News: Gross Domestic Product, Fourth Quarter and Year 2021 (Advance Estimate)

January 27, 2022 – The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021, following an increase of 2.3 percent in the third quarter. The acceleration in the fourth quarter was led by an upturn in exports as well as accelerations in inventory investment and consumer spending. In the fourth quarter, COVID-19 cases resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased as provisions of several federal programs expired or tapered off.

The full text of the release on BEA’s website can be found at: www.bea.gov/news/2022/gross-domestic-product-fourth-quarter-and-year-2021-advance-estimate

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