First, here’s the BEA’s Breakdown:
- Real personal consumption expenditures increased +2.2 percent in Q4, compared with an increase of 1.6 percent in Q3.
- Real nonresidential fixed investment increased +8.4 percent in Q4, compared with a decrease of -1.8 percent in Q3.
- Exports decreased -5.7 percent in Q4, compared with an increase of +1.9 percent in Q3. Imports decreased -3.2 percent, compared with a decrease of -0.6 percent in Q3.
- Government spending decreased -15.0 percent in Q4, in contrast to an increase of +9.5 percent in Q3.
And here’s the chart with a nice historic review: