Dollars and Jens
Friday, January 30, 2009
GDP
| III 06 | IV 06 | I 07 | II 07 | III 07 | IV 07 | I 08 | II 08 | III 08 | IV 08 | |
| Gross domestic product | .8 | 1.5 | .1 | 4.8 | 4.8 | -.2 | .9 | 2.8 | -.5 | -3.8 |
| Services | .79 | 1.61 | 1.29 | .62 | 1.00 | .59 | 1.02 | .28 | -.03 | .74 |
| Nondurable goods | .46 | .62 | .71 | .40 | .25 | .05 | -.08 | .80 | -1.57 | -1.49 |
| Durable goods | .27 | .33 | .71 | .40 | .19 | .03 | -.33 | -.21 | -1.16 | -1.71 |
| Change in private inventories | -.11 | -1.41 | -1.06 | .47 | .69 | -.96 | -.02 | -1.50 | .84 | 1.32 |
| Fixed investment | -.81 | -1.27 | -.57 | .47 | -.15 | -.97 | -.86 | -.25 | -.79 | -3.12 |
| Net exports of goods and services | -.12 | 1.33 | -1.20 | 1.66 | 2.03 | .94 | .77 | 2.93 | 1.05 | .09 |
| Government spending | .32 | .30 | .17 | .77 | .75 | .16 | .38 | .78 | 1.14 | .38 |
This isn't as bad a headline number as was widely feared; note, though, the large positive contribution from inventory build-up. Imports and exports were both way down, but in a very nearly canceling fashion. Every single subcategory of fixed investment was negative. Food was substantially negative; this could mean that people are actually eating less, but it seems more likely to me that it reflects substitution into cheaper food. I wonder whether I can dig up more detail on that.
Labels: gdp
