We finished 2011 with real GDP at 1.6 percent, compared to 3.1 percent in the prior year. Some of this weakness is perfectly understandable, given the unexpected shocks we experienced during the year. Yet, the economy persevered.
Indeed, growth accelerated across each of the four quarters, from less than half of a percent in the first quarter to around 2-3/4 percent in the fourth quarter. I anticipate that we will continue to see moderate growth of around 3 percent in 2012 and 2013, which is slightly above trend.