Advance Estimate of GDP for the Fourth Quarter of 2011
Today’s report shows that the economy posted its tenth straight quarter of positive growth, as real GDP (the total amount of goods and services produced in the country) grew at a 2.8 percent annual rate in the fourth quarter of last year. For 2011 as a whole, GDP rose by 1.7 percent, raising the level of real GDP 0.7 percent above where it was at the start of the recession in the fourth quarter of 2007. While the continued expansion is encouraging, faster growth is needed to replace the jobs lost in the recent downturn and to reduce long-term unemployment.
Positive contributions to real GDP growth in the fourth quarter included consumer spending (1.5 percentage points) and fixed investment (0.4 percentage point). Overall government purchases fell (4.6 percent), with substantial declines in Federal defense spending (12.5 percent) and State and local spending (2.6 percent).
As President Obama has said, this is a make-or-break moment for the middle class, and those who are struggling to get into the middle class. That is why the President announced on Tuesday his Blueprint for an America Built to Last – an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values.
White House Blogs
- The White House Blog
- Middle Class Task Force
- Council of Economic Advisers
- Council on Environmental Quality
- Council on Women and Girls
- Office of Intergovernmental Affairs
- Office of Management and Budget
- Office of Public Engagement
- Office of Science & Tech Policy
- Office of Urban Affairs
- Open Government
- Faith and Neighborhood Partnerships
- Social Innovation and Civic Participation
- US Trade Representative
- Office National Drug Control Policy