Q4 GDP Revised Up to 7% in Second Estimate
Washington, DC, February 24, 2022-Real gross domestic product (GDP) increased at an annual rate of 7.0% in Q4 2021, following an increase of 2.3% in Q3, according to the Bureau of Economic Analysis.
The increase was revised up 0.1 percentage point from the advance estimate released in January.
The acceleration in Q4 was led by an upturn in exports as well as accelerations in inventory investment and consumer spending. In Q4, 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.