US Real GDP Increased at an Annual Rate of 3.2% in Q3, BEA Reports in Its “Third” Estimate

The Bureau of Economic Analysis (BEA) released today (12-22-22) its “third” estimate for 2022Q3 real gross domestic product (GDP). According to the report, US GDP increased at an annual rate of 3.2% in Q3, following declines of 0.6% in Q2 and 1.6% in Q1.

The “third” GDP estimate released today 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 2.9%. The “third” 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 for Q3 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.