Gross Domestic Product Rises 3.2 Percent in Q3
Second Estimate Shows More Growth
The national gross domestic product climbed at an annual rate of 3.2 percent in the third quarter of 2016, the Bureau of Economic Analysis said. This is the second estimate of GDP growth, compared to the BEA's advance estimate of 2.9 percent that was released in October.
In the second quarter, real GDP increased only 1.4 percent.
A 3.2 percent hike in GDP would mark the tenth consecutive quarter of economic expansion, dating back to the first quarter of 2014.
The second estimate is based on more complete data that was not available for the advance estimate.
"The increase in real GDP in the third quarter primarily reflects positive contributions from personal consumption expenditures (PCE), exports, private inventory investment, and federal government spending," the BEA said. "These were offset by negative contributions from residential fixed investment and state and local government spending."
Separately, real gross domestic income (GDI) increased 5.2 percent in the third quarter, compared with a hike of 0.7 percent in the second, according to the BEA.