Macroeconomic event 2/24/22 8:30am
United States GDP Growth Rate
2021-12-22 8:30 PM QoQ Final Q3
Actual 2.3% Previous 6.7% Consensus 2.1%
2022-01-27 8:30 PM QoQ Adv Q4
Actual 6.9% Previous 2.3% Consensus 5.5%
2022-02-24 8:30 PM QoQ 2nd Est Q4
Actual TBA Previous 2.3% Consensus 7%
The American economy expanded an annualized 6.9% on quarter in Q4 2021, much higher than 2.3% in Q3 and well above forecasts of 5.5%. It is the strongest GDP growth in five quarters with the biggest upward contribution coming from private inventories (4.9 percentage points), namely motor vehicle dealers as companies had been drawing down stocks since the beginning of 2021. Personal consumption increased 3.3%, pushed higher by a 4.7% surge in services spending, namely health care, recreation, and transportation. Fixed investment rebounded by 1.3%, led by intellectual property products that was partly offset by a decrease in structures. Residential investment however, continued to decline and was down 0.8%. Meanwhile, net trade made no contribution to growth as exports jumped 24.5% led by consumer goods, industrial supplies, foods, and travel; and imports went up 17.7%. Considering full 2021, the economy advanced 5.7%, the most since 1984.