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Third-Quarter GDP Growth Estimate Revised Higher12-29-16 | Economic News

Third-Quarter GDP Growth Estimate Revised Higher

BEA Expects Rate to Tally 3.5 Percent, Versus 3.2 Percent

The Bureau of Economic Analysis now says gross domestic product expanded by 3.5 percent in the third quarter. This compares to a 3.2 percent estimate the BEA issued earlier.

The Bureau of Economic Analysis has upwardly-revised its 2016 third-quarter estimate of gross domestic product by 0.3 percent.

In its second estimate, released in November, the BEA projected GDP expansion of 3.2 percent. In its updated, third estimate in December, the BEA is now saying GDP should have grown by 3.5 percent.

In the second quarter, real GDP increased 1.4 percent.

Nonresidential fixed investment, personal consumption expenditures (PCE), and state and local government spending increased more than what the second estimate reflected, the BEA said.