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THURSDAY, November 7, 2013 GDP GROWTH PICKS UP IN THIRD QUARTER Advance Estimate of GDP Real gross domestic product (GDP) increased 2.8 percent in the third quarter of 2013, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, the growth rate was 2.5 percent. Quarter-to-Quarter Growth in Real GDP 6 4 Percent GDP growth The third-quarter growth reflected the following: Imports decelerated. Nonauto consumer goods turned down, and autos and auto parts decelerated. In contrast, nonpetroleum industrial supplies turned up. Inventory investment picked up. Wholesale trade, especially durable goods, more than accounted for the pick up. Manufacturing inventory investment also accelerated. State and local government spending accelerated. Investment in structures turned up. 2 0 -2 IV I II III IV I II III IV I II III IV I II III 2009 2010 2011 2012 2013 In contrast, the following decelerated in the third Real GDP growth is measured at seasonally adjusted annual rates quarter: exports (mainly nonauto consumer goods and nonauto capital goods), business investment (mainly information processing equipment), and consumer spending (mainly housing and utilities as well as health care). Personal income and personal saving Real disposable personal income (DPI), which adjusts for taxes and inflation, increased 2.5 percent in the third quarter after increasing 3.5 percent in the second quarter. The slowdown in real DPI reflected an upturn in consumer prices that was partly offset by an acceleration in current-dollar DPI. Personal saving as a percent of DPI was 4.7 percent in the third quarter, compared with 4.5 percent in the second quarter. Prices Prices of goods and services purchased by U.S. residents accelerated in the third quarter, increasing 1.8 percent after increasing 0.2 percent in the second quarter. Quarter-to-Quarter Percent Change in Gross Domestic Purchases Prices 4 Energy goods and services prices turned up, accounting for much of the third-quarter pickup in gross domestic purchases prices. In particular, consumer spending on gasoline and other energy goods turned up. Percent 3 2 1 Food prices accelerated modestly. 0 Prices less food and energy increased 1.5 percent after increasing 0.8 percent. IV 2009 I II III IV 2010 I II III IV 2011 I II III IV 2012 I II III 2013 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 “second” estimate of GDP and a preliminary estimate of corporate profits for the third quarter will be released on December 5, 2013. Contact: Jeannine Aversa (202) 606-2649 Bureau of Economic Analysis, U.S. Department of Commerce