Commentary  The Bureau of Economic Analysis’s (BEA) advance estimate of Gross Domestic Product for the Fourth Quarter of 2021 (pdf) is 6.9 percent at a Seasonally-Adjusted Annualized Rate (SAAR). The advance estimate is preliminary and will be revised at least twice. BEA Comments “The increase in real GDP primarily reflected increases in private inventory investment, exports, personal consumption expenditures (PCE), and nonresidential fixed investment that were partly offset by decreases in both federal and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. “The price index for gross domestic purchases increased 6.9 percent in the fourth quarter, compared with an increase of 5.6 percent in the third quarter (table 4). The PCE price index increased 6.5 percent, compared with an increase of 5.3 percent. Excluding food and energy prices, the PCE price index increased 4.9 percent, compared with an increase of 4.6 percent. “Real GDP for …