U.S. GDP 2nd estimate for Q3 2016 up 3.2%
The second estimate for the real gross domestic product (GDP) in the United States showed an increase of 3.2% at an annual rate for the past three months of 2016, U.S. Bureau of Economic Analysis reported on Tuesday. This is a better-than-expected GDP for this quarter since the predicted growth was estimated at 3% while the first estimate stated a rise of 2.9%. In the second quarter of 2016, U.S. GDP grew 1.4%.
The rise in the third quarter was mostly stimulated by positive contributions from personal consumption expenditure (PCE). Exports, private inventory investments, federal government spending, and nonresidential fixed investments, were also factors that contributed towards an increase in GDP for this quarter.
Residential fixed investments, as well as state and local government spending, were the factors that partially offset the growth.