The United States’ real gross domestic product (GDP) was revised higher to 4.3% in the fourth quarter of 2020, according to the third estimate of the Bureau of Economic Analysis.The upward revision from the 4.1% reported in February. The full-year GDP decline was retained at 3.5%.
The increase reflects increases in exports, nonresidential fixed investment, personal consumption expenditures, residential fixed investment, and private inventory investment.
Increases were recorded in equipment led by transportation, services led by health care, single family units, and manufacturing including both durable and nondurable goods industries.
These were partly offset by decreases in state and local government spending, and federal government spending.
By industry, private goods-producing industries 6.1%, private services-producing industries increased 4.9%, and government decreased 1.1%. Overall, 17 of 22 industry groups continued to the increase.
