US Final GDP Growth Beats Expectations in Q3


In the third quarter of 2013, the US economy expanded at its fastest pace in almost two years. The GDP advanced by an annual 4.1 percent, according to the third estimate released by the Bureau of Economic Analysis. In the second estimate, the increase in real GDP was 3.6 percent. In the second quarter, the GDP advanced 2.5 percent.

Personal consumption expenditures increased 2.0 percent in the third quarter, compared with an increase of 1.8 percent in the second. Durable goods increased 7.9 percent, compared with an increase of 6.2 percent. Nondurable goods increased 2.9 percent, compared with an increase of 1.6 percent. Services increased 0.7 percent, compared with an increase of 1.2 percent. 

Nonresidential fixed investment increased 4.8 percent in the third quarter, compared with an increase of 4.7 percent in the second. Nonresidential structures increased 13.4 percent, compared with an increase of 17.6 percent. Equipment increased 0.2 percent, compared with an increase of 3.3 percent. Intellectual property products increased 5.8 percent, in contrast to a decrease of 1.5 percent. Real residential fixed investment increased 10.3 percent, compared with an increase of 14.2 percent. 

Exports of goods and services increased 3.9 percent in the third quarter, compared with an increase of 8.0 percent in the second. Real imports of goods and services increased 2.4 percent, compared with an increase of 6.9 percent. 

Federal government consumption expenditures and gross investment decreased 1.5 percent in the third quarter, compared with a decrease of 1.6 percent in the second. National defense decreased 0.5 percent, compared with a decrease of 0.6 percent. Nondefense decreased 3.1 percent, the same decrease as in the second quarter. Real state and local government consumption expenditures and gross investment increased 1.7 percent, compared with an increase of 0.4 percent. 

US Final GDP Growth Beats Expectations in Q3


Bureau of Economic Analysis | Joana Taborda | joana.taborda@tradingeconomics.com
12/20/2013 1:43:31 PM