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US real GDP grows at 1.9% in Q3 2019

31
Oct '19
Pic: Bureau of Economic Analysis, US
Pic: Bureau of Economic Analysis, US
United States real gross domestic product (GDP) increased at an annual rate of 1.9 per cent in the third quarter of 2019, according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0 per cent. The latest estimate is based on source data that are incomplete or subject to further revision.
 
The increase in real GDP in the third quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, residential fixed investment, state and local government spending, and exports that were partly offset by negative contributions from non-residential fixed investment and private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased, the Bureau said in a statement.
 
The deceleration in real GDP in the third quarter reflected decelerations in PCE, federal government spending, and state and local government spending, and a larger decrease in non-residential fixed investment. These movements were partly offset by a smaller decrease in private inventory investment, and upturns in exports and in residential fixed investment.
 
Current dollar GDP increased 3.5 per cent, or $185.6 billion, in the third quarter to a level of $21.53 trillion. In the second quarter, GDP increased 4.7 per cent, or $241.4 billion.
 
The price index for gross domestic purchases increased 1.4 per cent in the third quarter, compared with an increase of 2.2 per cent in the second quarter. The PCE price index increased 1.5 per cent, compared with an increase of 2.4 per cent. Excluding food and energy prices, the PCE price index increased 2.2 per cent, compared with an increase of 1.9 per cent.
 

Fibre2Fashion News Desk (RKS)


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