U.S. Real Gross Domestic Product
March 29, 2020U.S. Real Gross Domestic Product
The U.S. real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the third quarter of 2021, as released by the Bureau of Economic Analysis (BEA). In the second quarter of 2021, real GDP increased 6.7 percent.
Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the third quarter of 2021, according to the third estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent.
The third estimate of GDP released today 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 2.1 percent. The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment that were partly offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down.
The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the first quarter of 2021 because the impacts are generally embedded in source data and cannot be separately identified. For more information, see the BEA’s report.
