In the third quarter, gross domestic product increased 2.6% at a seasonally adjusted annualised rate, according to the 22 December estimate released by the Bureau of Economic Analysis (BEA). The figure was up from both the 2.5% expansion previously reported but below market expectations of 2.8% growth. In the second quarter, GDP grew 1.7%. The pick-up in the third quarter was mainly a result of accelerating personal consumption and an improving contribution of net exports. Personal consumption expenditures accelerated from a 2.2% expansion in the second quarter to a 2.4% increase. Gross fixed investment, on the other hand, decelerated notably from a 18.9% rise to a 1.5% expansion, as residential investment plunged 27.3%, after having expanded 25.7% in the April-June period. That said, the third quarter figure also benefited from a positive 1.61 percentage-point contribution from inventories to overall economic growth. Exports of goods and services softened from a 9.1% rise in the second quarter to a 6.8% increase, while imports moderated somewhat to 16.8% (Q2: +33.5% qoq saar). As a result, the net contribution from the external sector to overall growth stepped up from minus 3.50 percentage points in the second quarter to minus 1.70 percentage points in the third.
United States GDP
Third quarter GDP growth revised up
December 22, 2010
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United States Economic News
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