Q3 GDP Revised Up to 2.9% in Second Estimate

Washington, DC, November 30, 2022-Real gross domestic product (GDP) increased at an annual rate of 2.9% in Q3 2022, according to the second estimate released by the Bureau of Economic Analysis. 

In the second quarter, real GDP decreased 0.6%.

The GDP estimate released today is based on more complete source data than were available for the advance estimate issued last month.  In the advance estimate, the increase in real GDP was 2.6%. The second estimate primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased more than previously estimated.