Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  January 30, 2013 15:18:59

U.S. - surprisingly 4Q GDP decreased by 0.1% due to an unprecedented decline in military spending

U.S. GDP in Q4 of last year, according to preliminary estimates, surprisingly declined by 0.1% in annual terms. Market only counted while the slowdown in growth to around 1.1% compared with 3.1% in 3Q. Overall, the estimates ranged from +0.3 to +2.1%.

For the whole of 2012, GDP grew by 2.2% compared to a growth of 1.8% in 2011.

Significantly dream and a surprise drop in GDP accounted for an unusually large reduction in military spending, which reached a level of 6.6% of GDP, and the resulting cut a full 1.3 percentage points. The decline in military spending was driven by the fall in defense spending by 22.2%, which was the largest decline since 1972 when the war ended in Vietnam.

Stocks in Q4 grew by 20 mld.USD in annual terms, compared to 60.3 mld.USD in 3Q. The decline in stocks taken from the resulting GDP further 1.3 percentage points. The stock evolution has been closely involved the November superbouře Sandy.

The economic downturn has also contributed to the trade balance, while exports declined in the fourth quarter by 5.7%, which was the largest decline since 1Q09. The decline in exports led to a further increase in the trade deficit that cut from the resulting GDP further 0.25 percentage point.

Consumer spending, which is the principal architect of the U.S. GDP in Q4 grew by 2.2% compared to 1.6% in 3Q. The market in this regard counted with growth of 2.1%. Domestic demand contributed to the resulting GDP 1.5 percentage point.

Corporate expenses in 4Q on Higher grew 12.4% and added to the resulting GDP 0.84 percentage points. In 3Q corporate expenses decreased by 2.6%.

Residential construction in Q4 grew by 15.3% in annual terms. For the entire year 2012 of 11.9%, which was the highest since 1992.

The indicator of consumer price growth in Q4 grew by 0.9% compared to 1.1% in 3Q.
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