Q3 GDP Second Estimate Up 33.1%, Same as First Estimate
Washington, DC, November 25, 2020-Real gross domestic product (GDP) increased at an annual rate of 33.1% in the third quarter of 2020, according to the second estimate released by the Bureau of Economic Analysis.
This is an increase of 7.4% over the prior year quarter.
In the second quarter, real GDP decreased 31.4%.
The GDP estimate released today is based on more complete source data than were available for the advance estimate issued last month that also showed an increase in real GDP of 33.1%. With the second estimate, upward revisions to nonresidential fixed investment, residential investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, were revised up.