The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Friday, October 28, 2016 Contact: Jeannine Aversa, (301) 278‐9003 GDP INCREASES IN THIRD QUARTER “Advance” estimate of GDP Real gross domestic product (GDP) increased 2.9 percent in the third quarter of 2016, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP rose 1.4 percent. Quarter‐to‐Quarter Growth in Real GDP 6 4 Percent Third‐quarter GDP highlights The increase in real GDP partly reflected an increase in consumer spending on services, notably on housing and utilities and on health care. Spending on durable goods, notably on motor vehicles and parts, also increased. 2 Exports of goods increased, notably in foods, feeds, and beverages and in industrial supplies and materials. Exports of services also increased. In addition, private inventory investment increased, as did federal government spending and business investment. 0 ‐2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2013 2014 2015 2016 Real GDP growth is measured at seasonally adjusted annual rates. Offsetting these contributions to growth, residential housing investment, consumer spending on nondurable goods, and state and local government spending declined. Personal income and saving Real disposable personal income (DPI), personal income adjusted for taxes and inflation, increased 2.2 percent in the third quarter after increasing 2.1 percent in the second quarter. Personal saving as a percentage of DPI was 5.7 percent in the third quarter, the same as in the second quarter. Quarter‐to‐Quarter Percent Change in Gross Domestic Purchases Prices 3 2 Percent Third‐quarter prices Prices of goods and services purchased by U.S. residents—gross domestic purchases prices— increased 1.5 percent in the third quarter after increasing 2.1 percent in the second quarter. Prices of energy goods increased, while food prices decreased. 1 0 Excluding food and energy, gross domestic purchases prices increased 1.8 percent in the third quarter after increasing 2.0 percent in the second quarter. ‐1 ‐2 Q4 2012 Q1 Q2 Q3 Q4 2013 Q1 Q2 Q3 Q4 Q1 Q2 2014 Q3 2015 Q4 Q1 Q2 Q3 2016 Price growth measured at seasonally adjusted annual rates. BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and regional economic data—are available at www.bea.gov. E-mail alerts are also available. The “second” estimate of GDP for the third quarter of 2016 and a preliminary estimate of corporate profits will be released on November 29, 2016.