Annual Review 2003 - Mining Review

The average annual growth rate of real gross domes-tic product (GDP) from the third quarter of 2001through the second quarter of 2003 in the United States was about 2.6 percent. GDP growth rates in the third and fourth quarters of 2003 were about 8 percent and 4 percent, respectively. Many other indicators reflected a rebounding U.S. economy — rising consumer confidence, higher retail sales, greater industrial production and more housing starts. Inflation also reached a 38-year low in 2003. The upward trends in many sectors of the U.S. economy in 2003, however, were shared by few of the mineral materials industries. Annual output declined inmost non fuel mining and mineral processing industries, although there was an upward turn toward yearend as prices began to increase (Table 1).