On Thursday, the Bureau of Economic Analysis (BEA) released its “third” estimate for Q3 real gross domestic product (GDP). According to the report, real GDP increased at an annual rate of 3.1%, following an increase of 3.0% in Q2.

The “third” estimate is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 2.8%. The update primarily reflected upward revisions to exports and consumer spending that were partly offset by a downward revision to private inventory investment. Imports, which are a subtraction in the calculation of GDP, were revised higher.

The increase in real GDP primarily reflected increases in consumer spending, exports, nonresidential fixed investment, and federal government spending. Imports increased.

Compared to Q2, the acceleration in real GDP in Q3 primarily reflected accelerations in exports, consumer spending, and federal government spending. These movements were partly offset by a downturn in private inventory investment and a larger decrease in residential fixed investment. Imports accelerated.

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