Real gross domestic product - the output of goods and services produced by labor and property in the U.S.
- increased at an annual rate of 2.8% in the third quarter of 2009, (from the second quarter to the third
quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In
the second quarter, real GDP decreased 0.7%.
The GDP estimate released
today is based on more complete source data than were available for the "advance" estimate
issued last month. In the advance estimate, the increase in real GDP was 3.5%.
The increase in real
GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures
(PCE), exports, private inventory investment, federal government spending, and residential fixed investment that were partly
offset by a negative contribution from nonresidential fixed investment. Imports, which are a subtraction in the calculation
of GDP, increased.
The upturn in real GDP in the third quarter primarily reflected
upturns in PCE, in private inventory investment, in exports, and in residential fixed investment and
a smaller decrease in nonresidential fixed investment that were partly offset by an upturn in imports,
a downturn in state and local government spending, and a deceleration in federal government spending.
For more details on third quarter GDP, download the pdf below.