Nov. 29 (UPI) — Real U.S. gross domestic product grew 5.2% in the third quarter of 2023, according to the Bureau of Economic Analysis second estimate Wednesday.
The revised estimate is up from the 4.9% increase previously estimated.
“The GDP estimate released today is based on more complete source data than were available for the ‘advance’ estimate issued last month,” the BEA said in a statement.
The BEA said the GDP third-quarter growth came from rises in “consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment, and nonresidential fixed investment.”
Current-dollar GDP was up at an annual rate of 8.9%, rising by $581.5 billion in the third quarter to a total of $27.64 trillion. The revised estimate is $20.9 billion higher than the previous estimate.
U.S. personal disposable income was up $144 billion while personal savings was $815.4 billion, with a personal savings rate of 4%.
Profits were up, too, with a third-quarter increase of $18.8 billion for financial corporations while profits for non-financial corporations increased $76.2 billion.
Real gross domestic income rose 1.5% in the third quarter.
“The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.3% in the third quarter, compared with an increase of 1.3% (revised) in the second quarter,” the BEA statement said.
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