The third estimate of GDP includes estimates of GDP by industry, or value added - a measure of an industry's contribution to GDP. Chr onic ling Chr onic ling 100 Y ears 100 Y ears of the of the U .S. E c onom y U .S. E c onom y April 2021 Volume 101, Number 4 GDP and the E c onom y Thir d Estimat es for the F ourth Quart er of 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 estimates of the National Income and Product Accounts (NIPAs) (chart 1 and table 1). The updated estimates primarily reflected upward revisions to private inventory investment and state and local government spending that were partly offset by downward revisions to nonresidential fixed investment and consumer spending. In this article, "consumer spending" refers to "personal consumption expenditures", "inventory investment" refers to "change in private inventories", and "government spending" refers to "government consumption expenditures and gross investment.". [Extracted from the article]
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