Q4 GDP Growth Revised up to 4.3% Annual Rate; PCE Growth Revised Down to 2.3%

From the BEA: Gross Domestic Product, (Third Estimate), GDP by Industry, and Corporate Profits, Fourth Quarter and Year 2020

Real gross domestic product (GDP) increased at an annual rate of 4.3 percent in the fourth quarter of 2020, according to the “third” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 33.4 percent.

The “third” estimate of GDP released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 4.1 percent. The upward revision primarily reflected an upward revision to private inventory investment that was partly offset by a downward revision to nonresidential fixed investment
emphasis added

Here is a Comparison of Second and Advance Estimates. PCE growth was revised down to 2.3% from 2.4%. Residential investment was revised up from 35.8% to 36.6%. This was above the consensus forecast.