Real gross domestic product (GDP) increased 1.6 percent in 2016 (from the 2015 annual level to the 2016 annual level), compared with an increase of 2.6 percent in 2015, according to the "advance" estimate released by the Bureau of Economic Analysis.
The increase in real GDP in 2016 reflected positive contributions from personal consumption expenditures, residential fixed investment, state and local government spending, exports and federal government spending that were partly offset by negative contributions from private inventory investment and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
In the fourth quarter, real GDP increased at an annual rate of 1.9 percent in the fourth quarter of 2016. The increase in real GDP reflected positive contributions from personal consumption expenditures, private inventory investment, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by negative contributions from exports and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the fourth quarter reflected a downturn in exports, an acceleration in imports, a deceleration in PCE and a downturn in federal government spending that were partly offset by an upturn in residential fixed investment, an acceleration in private inventory investment, an upturn in state and local government spending and an acceleration in nonresidential fixed investment.
Current-dollar GDP increased 4 percent in the fourth quarter to $18,860.8 billion.
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