Real GDP increased 2.2 percent, reflecting positive contributions from consumer spending, nonresidential fixed investment, exports, state and local government spending, and residential fixed investment.
Net government saving increased $54.1 billion to $773.7 billion. Net federal government saving increased $51.5 billion to $559.5 billion. Net state and local government saving increased $2.5 billion to $214.3 billion.
The current-account deficit increased $14.5 billion to $113.5 billion. In the financial account, net U.S. borrowing decreased $11.2 billion to $10.8 billion. In 2014, the current-account deficit increased $10.4 billion to $410.6 billion.
The net position was $6,915.3 billion at the end of the fourth quarter of 2014, down $785.8 billion from the end of the third quarter. The decrease reflected a $76.1 billion increase in the value of U.S. assets and an $861.9 billion increase in the value of U.S. liabilities.
In the fourth quarter of 2014, state personal income growth picked up in Florida, Texas, and 30 other states. Growth ranged from 0.6 percent in Louisiana to 1.5 percent in Texas.
Upcoming in the Survey...
The NIPAs and the System of National Accounts. A comparison of the NIPAs with the System of National Accounts 2008 (SNA) and a preview of BEAs plans for research to continue the harmonization of the NIPAs with the SNA.