U.S. GDP grew at 2.1% in Quarter 4 (Q4) 2019 (vs Q3 2019) and 3.9% (vs Q4 2018).
The increase in real GDP in Q4 reflected positive contributions from personal consumption expenditures (PCE), exports, residential fixed investment, federal government spending, and state and local government spending that were partly offset by negative contributions from private inventory investment and non-residential fixed investment.
Imports, which are a subtraction in the calculation of GDP, decreased. In Q4, a downturn in imports and an acceleration in government spending were offset by a larger decrease in private inventory investment and a slowdown in PCE.
Current‑dollar GDP increased 3.5%, or $186.6 billion, in the fourth quarter to a level of $21.73 trillion.
Services as a percentage of total GDP hit an all-time high.
2019 GDP growth was 4.1%, down from the spectacular growth rate of 5.4% in 2018.