US Q4 GDP numbers posted a surprisingly strong performance, with third quarter in the row coming at above the 2009-2013 average rates:
At the top level, GDP posted 3.2% q/q expansion and annual (y/y) growth accelerated from 1.3% to 2.0% to 2.7% between Q1 and Q4 2013.
The quality of growth also improved. In Q2-Q3 2013, personal consumption grew 1.8% and 2.0% respectively (annualised), with Q4 2013 growth registering 3.3%. Private final demand grew 4.0% in Q4 2013, against 3.4% and 2.8% in Q2 and Q3. Bad news came only on private residential investment side, where activity declined massive 9.8% having posted 14.2% and 10.3% expansions in Q2 and Q3.
Government spending fell 4.9% in Q4 2013, compared to decline of 0.4% in Q2 2013 and growth of 0.4% in Q3 2013.
Excluding Government spending, GDP grew 5.2% in Q4 2013, beating 5.0% growth in Q3 2013 and 3.2% growth in Q2 2013.
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