Gross Domestic Product (GDP) decreased at an annual rate of 6.2 percent in the fourth quarter of 2008, according to revised estimates. In the advance estimates, the decrease in real GDP was 3.8 percent. The downward revision to the percent change in real GDP was widespread; the largest contributors were downward revisions to private inventory investment, to exports, and to personal consumption expenditures for nondurable goods. So, the bad news of the advance report released last month has been turned into the worse news of this release.
There was, as the month closes out, good news in 21 percent of February’s Federal statistical output. In February the GNI was 14.7 percent.
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