The increase in real GDP reflected increases in exports, consumer spending, and other expenses that were partly offset by decreases in investments including private inventory investment, according to a report titled ‘Key Source Data and Assumptions’ on BEA’s website. Imports decreased.
Within private inventory investment, the decrease was led by retail trade (mainly clothing and accessory stores as well as ‘other’ retailers). Within imports, a decrease in imports of goods (notably consumer goods) was noted.
The increase in exports reflected increases in both goods and services. Within exports of goods, the leading contributors to the increase were industrial supplies and materials (notably nondurable goods), ‘other’ exports of goods, and nonautomotive capital goods.
Current-dollar GDP increased 7.3 per cent at an annual rate, or $450.5 billion, in Q3 to a level of $25.7 trillion, an upward revision of $35.7 billion from the previous estimate.
The price index for gross domestic purchases increased 4.7 per cent in Q3, an upward revision of 0.1 percentage point from the previous estimate. The personal consumption expenditure (PCE) price index increased 4.3 per cent, an upward revision of 0.1 percentage point.
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