The Bureau of Economic Analysis (BEA) released today (11-24-21) its “second” estimate of real gross domestic product (GDP) for Q3 2021. The BEA reports GDP was at an annual rate of 2.1%. The GDP estimate released today is based on more complete source data than were available for the “advance” estimate which was issued last month. In the “advance estimate,” the increase in real GDP was 2.0%. In Q2 the real GDP increased by 6.7%.
According to the BEA, the increase in real GDP in Q3 of 2021 reflected increases in private inventory investment, personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment that were partly offset by decreases in residential fixed investment, federal government spending, and exports.
Imports, which are a subtraction in the calculation of GDP, increased.
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Gross Domestic Product, Third Quarter 2021 (Second Estimate); Corporate Profits, Third Quarter 2021 (Preliminary Estimate)