Real GDP declined 6.2 percent after declining 0.5 percent in the third quarter, reflecting a downturn in exports and a larger decrease in investment in equipment and software. The fourth-quarter estimate was revised down 2.4 percentage points from the advance estimate.

This comprehensive revision will change definitions and presentations to improve the national accounts’ treatment of disasters and insurance services by government enterprises among other things.

A look at planned improvements to these accounts, including the development of quarterly GDP by industry statistics and better integration between the annual industry accounts and the benchmark input-output accounts.