Market Updates
U.S. Third Quarter GDP Growth Revised Higher to 5.2%
Brian Turner
29 Nov, 2023
New York City
Gross domestic product rose at a faster pace in the third quarter after the U.S. Bureau of Economic Analysis revised its previous estimate.
Real gross domestic product increased at an annual pace of 5.2%, higher than 4.9% in the preliminary estimate, and accelerated from a 2.1% rise in the second quarter.
The GDP increase was the fastest since the fourth quarter of 2021, and the increase in the third quarter primarily reflected a higher increase in government spending, inventory investment, and nonresidential investment, but consumer spending growth was revised lower.
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