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Q3 GDP Growth Revised Up to 2.9% Annual Rate


From the BEA: Gross Domestic Product (Second Estimate) and Corporate Profits (Preliminary), Third Quarter 2022
Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the third quarter of 2022, according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 percent.

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 2.6 percent. The second estimate primarily reflected 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

Real gross domestic income (GDI) increased 0.3 percent in the third quarter, in contrast to a decrease of 0.8 percent in the second quarter (revised). The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 1.6 percent in the third quarter, in contrast to a decrease of 0.7 percent (revised) in the second quarter.
emphasis addedHere is a Comparison of Second and Advance Estimates. PCE growth was revised up from 1.4% to 1.7%. Residential investment was revised down from -26.4% to -26.8%.

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