US GDP growth revised down to 4.9% in Q3 - Breaking The News

US GDP growth revised down to 4.9% in Q3

21 December

1 min read

UNSPLASH.COM/JASON KRIEGER

The United States real gross domestic product (GDP) observed an annual rise of 4.9% in the third quarter of 2023, the Bureau of Economic Analysis (BEA) said in its third estimate published on Thursday. The figure is in line with the first estimate, but lower than the second one, which predicted an increase of 5.2%.

"The increase in real GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment, and nonresidential fixed investment," the BEA noted. It stressed the difference between the second and the third estimate came following "more complete source data."

The price index for gross domestic purchases grew by 2.9% year-on-year, 0.1 percentage points lower than in the second estimate. The personal consumption expenditures (PCE) price index grew by 2.6%, a drop of 0.2 percentage points compared to the previous document.

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