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Real gross domestic product (GDP) increased at an annual rate of 5.2 percent in the third quarter of 2023 (table 1), according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.1 percent. The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 4.9 percent. The update primarily reflected upward revisions to nonresidential fixed investment and state and local government spending that were partly offset by a downward revision … (full story)
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GDP revised up to strong 5.2% growth rate in third quarter
Economic growth expanded at a 5.2% seasonally adjusted annual rate in the third quarter of this year, the Bureau of Economic Analysis reported Wednesday in an updated estimate of GDP. The GDP numbers, which are adjusted for inflation, represent an upward revision from the initial reading of 4.9% growth. Two more revisions will be made over the coming months as analysts get a better picture of how the economy performed during the third quarter. The rise in GDP is good news for the overall health of the economy, although it complicates things a bit for the Federal Reserve, which has been raising interest rates for more … (full story)
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