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. liabililties.
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 BEA’s plans for research to continue the harmonization of the NIPAs with the SNA.