GDP revised down for the Last Three Years

[forestal]

History eventually corrects itself in the Bush Administration...

Pretty soon we'll be fighting our former allies of Eastasia...



GDP Revised Down for Last Three Years

The economy grew at a 3.4% in the second quarter, in line with economists’ expectations, but growth was slower than previously estimated in each of the last three years, the Bureau of Economic Analysis said.

The changes lowered the average annual growth of real GDP to 3.2% from 2004 to 2006, 0.3 percentage point less than the earlier figures. The 2006 growth rate was revised down 0.4 percentage point to 2.9%, driven by downward revisions to investory investment, personal consumption expenditures for durable goods, state and local government spending and exports. The rate in 2005 fell to 3.1% from 3.2%, and the 2004 rate dropped to 3.6% from 3.9%

The BEA’s annual revisions are made each July to incorporate new and more comprehensive data. The downward revision to spending could add some doubts to already softer numbers from the latest report. Real personal consumption expenditures increased 1.3% in the second quarter, down from a 3.7% increase in the first quarter. Durable goods were up 1.6% vs. 8.8% in the first quarter, while nondurable goods dropped 0.8% compared to an earlier increase of 3%. –Sudeep Reddy



Permalink

------Old----New
Q1-04 3.85% 2.96%
Q2-04 4.04% 3.48%
Q3-04 3.10% 3.60%
Q4-04 2.61% 2.55%
Q1-05 3.40% 3.07%
Q2-05 3.26% 2.81%
Q3-05 4.18% 4.46%
Q4-05 1.76% 1.19%
Q1-06 5.58% 4.82%
Q2-06 2.56% 2.44%
Q3-06 1.96% 1.07%
Q4-06 2.45% 2.09%
Q1-07 0.69% 0.60%
Q2-07 3.38%