US real GDP growth revised higher in Q3

The US economy grew at an annual rate of 3.1 percent in the third quarter of 2024, according to the third estimate released by the US Bureau of Economic Analysis on Wednesday.

In the second quarter, US real GDP rose 3.0 percent.

“Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending.” the latest estimate read. “These movements were partly offset by a downturn in private inventory investment and a larger decrease in residential fixed investment. Imports accelerated.”

Current dollar GDP surged 5.0 percent at an annual rate, or $358.2 billion, during the third quarter to a level of $29.37 trillion, an upward revision of $20.6 billion from the previous estimate.

The price index for gross domestic purchases also rose 1.9 percent in the third quarter, the same as the previous estimate. The personal consumption expenditures (PCE) price index inched 1.5 percent higher, also the same as previously estimated. Excluding food and energy prices, the PCE price index rose 2.2 percent, marking an upward revision of 0.1 percentage point.

Attribution: Amwal Al Ghad English