Washington, D.C. — The RATE Coalition today released the following statement after the Bureau of Economic Analysis (BEA) released its report on fourth quarter 2018 and annual Gross Domestic Product (GDP):
“Just over one year after the passage of the Tax Cuts and Jobs Act, economic growth numbers, business investment, and consumer spending are beating economic expectations, evidence that pro-growth tax reform is propelling America’s economy forward. Job creators are paying less money to the IRS and are instead investing in new workers, new equipment, and new opportunities.
“Maintaining low, globally competitive corporate tax rates will create the environment needed for the U.S. economy to continue its upward march.”
- “The increase in real GDP in 2018 reflected increases in consumer spending, business investment, exports, government spending, and inventory investment.”
- The U.S. economy grew by 3.1% in 2018 and by 2.6% in the fourth quarter of 2018.
- Fixed investment increased 3.9% in the fourth quarter of 2018. Nonresidential investment spiked to 6.2%, which includes a rise of 6.7% in equipment and 13.1% in intellectual property products.
- Consumer spending increased at 2.8% in the fourth quarter of 2018.