Q3 GDP Rose at Annual Rate of 1.9%, According to Advance Estimate
Washington, DC, October 30, 2019-Real gross domestic product (GDP) increased at an annual rate of 1.9% in Q3 2019, according to the advance estimate released by the Bureau of Economic Analysis.
In the second quarter, real GDP increased 2.0%.
Consumer spending, which makes up approximately 66% of GDP, fell from 4.6% in Q2 in 2.9% in Q3.
According to the Wall Street Journal, surveyed economists expected a 1.6% growth reading for Q3. “The stronger-than-expected growth rate was boosted by government and consumer spending, residential investment and exports. That was partly offset by a drop in business investment,” says the Wall Street Journal. “The report showed the divergence between relatively solid consumer spending and falling business investment continued from the second quarter into the third, as the long-simmering trade war with China escalated.”