Real Gross Domestic Product Increases 33.4% in Q3

The U.S. Bureau of Economic Analysis (BEA) is reporting that when compared to Q2 of 2020, real gross domestic product (GDP) in Q3 rose in all 50 states and the District of Columbia. Nationally, in Q3 2020 real GDP growth increased to 33.4%, after suffering a decrease of 31.4% in Q2 of 2020. Contributing to the Q3 growth were healthcare and social assistance; durable goods manufacturing; and accommodations and food services. The BEA is reporting that when measured on a seasonally adjusted annual rate basis the GDP increases ranged from 52.2% in Q2 to 19.2% in Q3.