U.S. GDP Revised Down to 1.8% in Q3


U.S. real gross domestic product increased at an annual rate of 1.8 percent in the third quarter of 2011 (that is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3 percent.

The GDP estimate released on December 22nd is based on more complete source data than were available for the "second" estimate issued last month.  In the second estimate, the increase in real GDP was 2.0 percent.

The increase in real GDP in the third quarter primarily reflected positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), exports, and federal government spending that were partly offset by negative contributions from private inventory investment and state and local government spending.  Imports, which are a subtraction in the calculation of GDP, increased.

Final sales of computers added 0.22 percentage point to the third-quarter change in real GDP after adding 0.07 percentage point to the second-quarter change.  Motor vehicle output added 0.12 percentage point to the third-quarter change in real GDP after subtracting 0.10 percentage point from the second-quarter change.

Real nonresidential fixed investment increased 15.7 percent, compared with an increase of 10.3 percent.  Nonresidential structures increased 14.4 percent, compared with an increase of 22.6 percent. Equipment and software increased 16.2 percent, compared with an increase of 6.2 percent.  Real residential fixed investment increased 1.3 percent, compared with an increase of 4.2 percent.

Real exports of goods and services increased 4.7 percent in the third quarter, compared with an increase of 3.6 percent in the second.  Real imports of goods and services increased 1.2 percent, compared with an increase of 1.4 percent.
 
Real federal government consumption expenditures and gross investment increased 2.1 percent in the third quarter, compared with an increase of 1.9 percent in the second.  National defense increased 5.0 percent, compared with an increase of 7.0 percent.  Nondefense decreased 3.8 percent, compared with a decrease of 7.6 percent.  Real state and local government consumption expenditures and gross investment decreased 1.6 percent, compared with a decrease of 2.8 percent.


TradingEconomics.com, US Bureau of Economic Analysis
12/22/2011 1:36:38 PM