Xinhua News Agency, Washington, January 27 (Reporter Xu Yuan Gao Climbing) The first estimated data released by the US Department of Commerce on the 27th showed that in the fourth quarter of 2021, the real GDP of the United States increased by 6.9% at an annual rate; the US economic growth in 2021 5.7%, the highest since 1984.
Specifically, personal consumption expenditures, which account for about 70% of the U.S. economy in the fourth quarter of 2021, increased by 3.3%, boosting economic growth by 2.25 percentage points; non-residential fixed asset investment, which reflects the state of corporate investment, increased by 2%, higher than the previous The growth rate accelerated in the first quarter; private inventory investment increased, contributing 4.9 percentage points to the economy in the quarter.
Meanwhile, federal spending fell 4%, the third straight quarter of declines, as federal aid, including forgivable loans to businesses, grants to state and local governments, and social benefits to U.S. households, declined. Net exports posted zero growth in the quarter after five consecutive quarters of declines.
Analysts believe consumers shopped ahead of time during the U.S. holiday shopping season to avoid shipping delays, spurring a surge in personal consumption spending in the fourth quarter of last year.
At the same time, due to logistics disruptions and blockages caused by the new crown epidemic and surge in demand, a large number of goods that should have arrived before the holiday shopping season were delayed in delivery. Retail and wholesaler inventories surged towards the end of last year, boosting the fourth quarter of last year. The economy expanded more than expected.
Due to the widespread spread of the mutated new coronavirus Omicron strain at the end of last year, which suppressed consumer demand and further disrupted the supply chain, the U.S. economic growth rate may have weakened towards the end of last year, and it may be difficult to sustain rapid growth at the beginning of this year.
The Commerce Department typically makes three estimates of quarterly economic data based on constantly improving information.
The second revision of economic data for the fourth quarter of 2021 will be released on February 24 this year.