A report released by the Commerce Department on Wednesday showed stronger than previously estimated US economic growth in the third quarter. The average of real GDP and real GDI, a supplemental measure of US economic activity that equally weights GDP and GDI, increased 2.9 percent in the third quarter, compared with an increase of 2.7 percent in the second quarter.
The strongest contribution to the growth in the third quarter came from exports of goods and most notably services due to the summer tourist season and from consumer spending. In the second quarter, real GDP increased 3.1 percent. This included the best numbers for motor vehicles and parts in one year. The government expects this year's growth to be 3.2 percent which would be the same level as last year. Spending on structures declined by 6.8 percent at the annual rate-the source of much of the easing in nonresidential investments for the quarter.
One of the larger positives among business spending was inventories, with business spending to restock their shelves contributing 0.80 percentage points to real GDP in the third quarter.
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Gross domestic product advanced a non-seasonally adjusted 3.3 percent year-over-year in the third quarter, faster than the 3.0 percent rise in the previous quarter. In the advance estimate, the increase in real GDP was 3.0 percent.
Both exports and imports climbed by 5.7 percent and 9.5 percent, respectively.