BEA Reports Real GDP in Q3 Increased at an Annual Rate of 2.9% in Its “Second” Estimate

The Bureau of Economic Analysis (BEA) released today (11-30-22) its “second” estimate for Q3 real gross domestic product (GDP). According to the report, GDP increased at an annual rate of 2.9% in Q3. This follows declines of 0.6% in 2022Q2 and 1.6% in 2022Q1.

The “second” GDP estimate 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 2.6%. The “second” estimate update primarily reflects upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased more than previously estimated.

The BEA notes that the increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, state and local government spending, and federal government spending, which were partly offset by decreases in residential fixed investment and private inventory investment. Imports decreased.