Real US GDP rises at 2.6% annual rate in Q3 2022

28 Oct '22

1 min read

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Real US gross domestic product (GDP) increased at an annual rate of 2.6 per cent in the third quarter (Q3) this year, according to the ‘advance’ estimate released by the Bureau of Economic Analysis (BEA). In the second quarter, real GDP decreased by 0.6 per cent. The rise reflected increases in exports, consumer spending, non-residential fixed investment and government spending.

These were partly offset by decreases in residential fixed investment and private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased.

The increase in exports reflected increases in both goods and services.

Current-dollar GDP increased at 6.7 per cent at an annual rate, or $414.8 billion, in the third quarter to a level of $25.66 trillion. In the second quarter, GDP increased at 8.5 per cent, or $508.0 billion, BEA said in a release.

The price index for gross domestic purchases increased at 4.6 per cent in the third quarter compared with an increase of 8.5 per cent in the second.

ALCHEMPro News Desk (DS)

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