Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the third quarter of 2024, according to the “third” estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.0 percent.
The GDP estimate released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 2.8 percent. The update primarily reflected upward revisions to exports and consumer spending that were partly offset by a downward revision to private inventory investment. Imports, which are a subtraction in the calculation of GDP, were revised up.
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Here is a Comparison of Third and Second Estimates. PCE growth was revised up from 3.5% to 3.7%. Residential investment was revised up from -5.0% to -4.3%.