Q3 GDP Growth Revised up to 2.3% Annual Rate
From the BEA: Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Third Quarter 2021
Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the third quarter of 2021, according to the “third” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent.
The “third” estimate of GDP 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 2.1 percent. The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment that were partly offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down.
emphasis addedHere is a Comparison of Third and Second Estimates. PCE growth was revised up from 1.7% to 2.0%. Residential investment was revised up from -8.3% to -7.7%.