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FRIDAY, JANUARY 29, 2016 GDP INCREASES IN FOURTH QUARTER Annual growth for 2015 also released Real gross domestic product (GDP) increased 0.7 percent in the fourth quarter of 2015, according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent. Residential investment and federal government spending also contributed to real GDP growth. Partly offsetting these contributions, inventory investment, exports, and business investment each declined. In addition, imports, a subtraction in the calculation of GDP, increased. Quarter-to-Quarter Growth in Real GDP 6 4 Percent GDP highlights The fourth-quarter increase in real GDP mainly reflected an increase in consumer spending. Spending on services increased, notably on health care. Spending on durable goods also increased—notably on recreational goods and vehicles—as did spending on nondurable goods. 2 0 -2 I II III 2012 IV I II III 2013 IV I II III 2014 IV I II III 2015 IV Real GDP growth is measured at seasonally adjusted annual rates. Prices Prices of goods and services purchased by U.S. residents increased 0.2 percent in the fourth quarter after increasing 1.3 percent in the third quarter. Excluding energy and food, prices rose 0.9 percent in the fourth quarter and 1.3 percent in the third quarter. Personal income and personal saving Real disposable personal income—personal income adjusted for taxes and inflation—rose 3.2 percent in the fourth quarter after rising 3.8 percent in the third quarter. Personal saving as a percentage of disposable personal income was 5.4 percent in the fourth quarter, compared with 5.2 percent in the third quarter. Annual GDP growth For the year 2015, real GDP increased 2.4 percent, the same as in 2014. Annual Growth in Real GDP 4 Consumer spending was the largest contribu- Percent 3 2 tor to growth. Spending increased on services, notably healthcare, as well as durable 1 and nondurable goods. Business investment, residential investment 0 inventory investment, state and local government spending, and exports also increased. Imports, a subtraction in the calculation of GDP, increased, partly offsetting the contributions to growth. 2012 2013 2014 2015 Prices of goods and services purchased by U.S residents increased 0.3 percent in 2015, compared with a 1.5 percent increase in 2014. Excluding food and energy, prices rose 1.0 percent in 2015 after rising 1.6 percent in 2014. BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: The “second” estimate of GDP for the fourth quarter of 2015 will be released on February 26, 2016. Contact: Jeannine Aversa (202) 606-2649 Bureau of Economic Analysis, U.S. Department of Commerce