According to the “second” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 4.1% in Q4 of 2020. In Q3 of 2020, real GDP increased 33.4%. The BEA noted that the GDP estimate released today (2/25/21) is based on more complete data than were available for the “advance” estimate released last month. The second estimate takes into account upward revisions to the residential fixed investments, private inventory investments, and state and local government spending, which were partially offset by a downward revision to personal consumption expenditures (PCE). Real GDP decreased -3.5% in 2020 (from the 2019 annual level to the 2020 annual level), compared with an increase of 2.2% in 2019.
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Gross Domestic Product, Fourth Quarter and Year 2020 (Second Estimate)