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| Fourth-Quarter 2005 GDP (Final Estimate - #1) - Mar. 30, 2006 |
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Summary
Earlier this morning, the Commerce Department reported that real gross domestic product grew at a 1.7% annual rate during last year's fourth quarter, versus a 4.1% rate in the September quarter. The latest fourth-quarter estimate was slightly higher than the 1.6% rate that was reported last month.
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* The Commerce Department's third ("final") estimate of GDP for last year's fourth quarter indicated real growth at a 1.7% annual rate. This was a bit better than last month's 1.6% estimate, and it was totally in line with the consensus forecast.
* The fourth-quarter growth rate of 1.7% was down substantially from a 4.1% rate during last year's September quarter.
* Measured on a fourth-quarter over fourth-quarter basis, real GDP rose 3.2% in 2005. This compares with 2004 growth of 3.8% measured in the same manner.
* In nominal (pre-inflation) terms, 4Q2005 GDP was up at an annual rate of 5.2%, versus nominal growth at a 7.6% rate during the third quarter.
* On a fourth-quarter over fourth-quarter basis, nominal GDP rose 6.4% in 2005, versus 6.8% during 2004.
Although the overall reported change in GDP growth was a small 0.1% improvement, there were some interesting changes within the six major groups that comprise the total. These will be examined soon in a more detailed report I plan to publish.
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