Second Estimate of Q3 2020 Real GDP Reveals a 33.1% Increase at an Annual Rate

According to the “second” estimate released today (11/25) by The Bureau of Economic Analysis (BEA) the Real Gross Domestic Product (GDP) increased at an annual rate of 33.1% in Q3 of 2020. In Q2 of 2020, the real GDP decreased -31.4%. The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month that also showed an increase in real GDP of 33.1%. With the second estimate, upward revisions to nonresidential fixed investment, residential investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, were revised up.