Real GDP rose 2.6 percent in the fourth quarter, reflecting positive contributions from consumer spending, exports, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending, residential fixed investment, and imports.
Net government saving increased $193.4 billion to –$882.5 billion. Net federal government saving increased $197.9 billion to –$652.1 billion. Net state and local government saving decreased $4.3 billion to –$230.3 billion.
BEA prepares federal government estimates that are based on the proposed budget of the U.S. government. This analysis is often used to gauge the effects of the federal budget on U.S. economic activity.
In the fourth quarter, the current-account deficit decreased $15.2 billion to $81.1 billion. In the financial account, net financial inflows increased $105.5 billion to $173.7 billion. In 2013, the current-account deficit decreased $61.1 billion to $379.3 billion.
The position decreased $405.7 billion to –$4,577.5 billion at the end of the fourth quarter, reflecting an increase of $777.8 billion in the value of foreign-owned assets in the United States and an increase of $372.1 billion in the value of U.S.-owned assets abroad.
In the fourth quarter of 2013, state personal income growth slowed in California, Texas, New York, Florida, and 27 smaller states but accelerated in 19 states. Growth slowed on average to 0.6 percent from 1.0 percent in the third quarter. In 2013, growth slowed in all states.