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FRIDAY October 27, 2006 GROWTH SLOWS IN THE THIRD QUARTER “Advance” Estimates of GDP ug Real gross domestic product (GDP), the most comprehensive measure of economic activity, increased 1.6 percent in the third quarter after increasing 2.6 percent in the second quarter, according to estimates released today by the Bureau of Economic Analysis. Quarter-to-Quarter Growth in Real GDP 8 Percent 6 4 2 0 IV I 2002 II III 2003 IV I II III 2004 IV I II III 2005 IV I II III 2006 Real GDP growth is measured at seasonally adjusted annual rates. The deceleration in quarterly real GDP growth primarily reflected the following: Imports accelerated. Inventory investment turned down. Residential investment decreased for the fourth consecutive quarter; the decrease was the largest since the first quarter of 1991. Consumer spending for services and state and local government spending both decelerated. Prices Inflation, as measured by prices for domestic purchases, increased 2.0 percent in the third quarter after increasing 4.0 percent. The increase was the smallest since the fourth quarter of 2003. Excluding food and energy, prices increased 1.9 percent, following a 2.9-percent increase. Disposable Income Real disposable personal income increased 3.7 percent in the third quarter, following an increase of 1.7 percent in the second quarter. BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: The “preliminary” estimate of GDP and corporate profits for the third quarter of 2006 will be released on November 29, 2006. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce
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