US Real GDP Climbed 2 Percent in Third Quarter

The United States’ real gross domestic product increased an annual rate of 2.0 percent in the third quarter of 2012 according to an advanced estimate released by the Bureau of Economic Analysis. Real GDP increased at an annual rate of 1.3 percent in the second quarter.

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Real personal consumption expenditures rose 2.0 percent in the third quarter, compared with an increase of 1.5 percent in the second. Durable goods expenditures increased 8.5 percent, in contrast to a decrease of 0.2 percent in the previous quarter. Expenditures for nondurable goods were up 2.4 percent, compared with an increase of 0.6 percent in the previous quarter. Services expenditures increased 0.8 percent, compared with an increase of 2.1 percent in the second quarter.

Real nonresidential fixed investment decreased 1.3 percent in the third quarter, compared with an increase of 3.6 percent in the second. Equipment and software investment was flat, compared with an increase of 4.8 percent in the second quarter. Real residential fixed investment increased 14.4 percent, compared with an increase of 8.5 percent in the second.

Real exports of goods and services decreased 1.6 percent in the third quarter, in contrast to an increase of 5.3 percent in the second. Real imports of goods and services decreased 0.2 percent, in contrast to an increase of 2.8 percent in the second.

Real government consumption expenditures and gross investment increased 3.7 percent in the third quarter, compared with a decrease of 0.7 percent in the second.