The 2020 Mid-Year Economic Update_long

Real U.S. GDP Up 1.9% in 3Q According to Advance Estimate

Current dollar GDP increased 3.5%.

Real gross domestic product increased at an annual rate of 1.9% in the third quarter of 2019, according to the advance estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2%.

The increase in real GDP in the third quarter reflected positive contributions from personal consumption expenditures, federal government spending, residential fixed investment, state and local government spending, and exports that were partly offset by negative contributions from nonresidential fixed investment and private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in the third quarter reflected decelerations in PCE, federal government spending, and state and local government spending, and a larger decrease in nonresidential fixed investment. These movements were partly offset by a smaller decrease in private inventory investment, and upturns in exports and in residential fixed investment.

Current dollar GDP increased 3.5%, or $185.6 billion, in the third quarter to a level of $21.53 trillion. In the second quarter, GDP increased 4.7%, or $241.4 billion.

The price index for gross domestic purchases increased 1.4% in the third quarter, compared with an increase of 2.2% in the second quarter. The PCE price index increased 1.5%, compared with an increase of 2.4%. Excluding food and energy prices, the PCE price index increased 2.2%, compared with an increase of 1.9%.

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