US Real GDP Increases at an Annual Rate of 2.8% in Q3, BEA Reports in Its “Advance” Estimate
Gross Domestic Product, Third Quarter 2024 (Advance Estimate)
On Wednesday, the Bureau of Economic Analysis (BEA) released its “advance” estimate for real gross domestic product (GDP) in Q3. Real GDP increased at an annual rate of 2.8% in Q3, following an increase of 3.0% in Q2.
The “advance” estimate is based on source data that are incomplete or subject to further revision. The “second” estimate, based on more complete data, and will be released on November 27th.
The increase in real GDP in Q3 primarily reflected increases in consumer spending, exports, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
Compared to Q2, the deceleration in real GDP in Q3 primarily reflected a downturn in private inventory investment and a larger decrease in residential fixed investment. These movements were partly offset by accelerations in exports, consumer spending, and federal government spending. Imports accelerated.
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