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Q3 GDP Growth Revised Up to 3.2% Annual Rate


From the BEA: Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), Third Quarter 2022
Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the third quarter of 2022, according to the “third” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 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 2.9 percent. The updated estimates primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment. For more information, refer to “Updates to GDP.”

Real gross domestic income (GDI) increased 0.8 percent in the third quarter, an upward revision of 0.5 percentage point from the previous estimate. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 2.0 percent in the third quarter, an upward revision of 0.4 percentage point.
emphasis addedHere is a Comparison of Third and Second Estimates. PCE growth was revised up from 1.7% to 2.3%. Residential investment was revised down from -26.8% to -27.1%.

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