In the fourth quarter of 2013 the GDP of the United States it grew by 3,2%, fully hitting analysts' estimates. The preliminary figure was announced today in the early Italian afternoon by the US Commerce Department.
US consumer purchases and exports in the fourth quarter offset declines in government and real estate spending.
The previous survey, relating to the third quarter, had highlighted a positive variation of 4,1%, while between April and June the increase had been 2,5%. For the whole of 2013, therefore, the growth is 1,9%.
The last time the US economy had grown by at least 3% dates back to 2005 (+3,4%). In 2012, however, the expansion was 2,8%.
Considering the change in the last six months of 2013, the US economy has not grown so much since 2003 (at the time it recorded an increase of 5,8%).
In detail, consumer spending, which accounts for two-thirds of US GDP, rose by 3,3%. This is the largest increase in the last three years. Business expenses increased by 3,8%. Inventories remained at elevated levels. Excluding this item, GDP would have risen by only 2,8%. Real estate investments recorded a contraction of 9,8%.
Exports increased by 11,4%, after progressing by 3,9% in the previous three months. Finally, the consumer price index for personal expenses (inflation monitored by the Federal Reserve) rose by only 0,7% on an annual basis, a level well below the target of the US central institution, equal to 2%. .
