Economy grows 2.3% in 2019

WASHINGTON – Today, the Department of Commerce’s Bureau of Economic Analysis (BEA) released the fourth quarter and annual gross domestic product (GDP) numbers. The Bureau found that the real gross domestic product increased at an annual rate of 2.1% in the fourth quarter and 2.3% for all of 2019, continuing to beat expectations.

The GDP continues to beat performance predictions before the 2016 election, and there was other good news in the BEA report:

  • The U.S. has the largest GDP of any country in the world, and it continues to grow at a sustained rate. U.S. GDP reached an all-time high in 2019 of $21.43 trillion.
  • The growth of the goods GDP rose by an impressive 4.7%, while services was at 1.7%.
  • Consumer spending increased by 2.6% last year and spending on durable goods surged by 4.7% in 2019.
  • Personal income reached an all-time high of $18.6 trillion, up from $17.8 trillion in 2018.
  • The personal savings rate increased to 8% for the year, with Americans saving $1.31 trillion in 2019, up from $1.21 trillion in 2018.
  • The long period of massive import surges of goods is finally abating. For the year, imports of goods rose by only 0.2%, the lowest yearly increase since 2009.

To view the GDP, fourth quarter and annual 2019 full release, click HERE.

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