Real gross domestic product (GDP) grew at an annual rate of 1.7 percent in the fourth quarter of 2005, according to today's final estimate. This follows a growth rate of 4.1 percent in the third quarter.
The GDP estimates released are based on more complete source data than were available for the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was 1.6 percent.
The increase in real GDP in the fourth quarter primarily reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), exports
The deceleration in real GDP growth in the fourth quarter primarily reflected a deceleration in PCE, an acceleration in imports, a downturn in federal government spending, and decelerations in equipment and software and in residential fixed investment that were partly offset by an upturn in inventory investment and an acceleration in exports.
Final sales of computers contributed 0.33 percentage point to the fourth-quarter growth in real GDP after contributing 0.16 percentage point to the third-quarter growth. Motor vehicle output subtracted 0.64-percentage point from the fourth-quarter growth in real GDP after contributing 0.56 percentage point to the third-quarter growth.
Real exports of goods and services increased 5.1 percent in the fourth quarter, compared with an increase of 2.5 percent in the third. Real imports of goods and services increased 12.1 percent, compared with an increase of 2.4 percent.
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