GDP surges to highest level since 1999
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Manufacturing News, Source : TheManufacturer.com
Published : 25 Feb 2005 19:57
In spite of a fourth-quarter slowdown, the US gross domestic product grew 4.4 percent in 2004, the strongest for any year since 1999, according to numbers released today by the US Bureau of Economic Analysis.
The numbers were up from a three percent GDP increase in 2003. It 1999, GDP expanded 4.5 percent.
Meanwhile, real gross domestic product—the output of goods and services produced by labor and property located in the United States—increased at an annual rate of 3.8 percent in the fourth quarter of 2004. This is a slight deceleration from the third quarter, when real GDP increased by four percent, but didn’t hurt the overall GDP numbers for the year.
Imports, which are a subtraction in the calculation of GDP, increased. Final sales of computers contributed 0.56 percentage point to the fourth-quarter change. Motor vehicle output contributed 0.84 percentage point.
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