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October 30, 2014US GDP Q3 2014 (ADVANCE ESTIMATE) In the latest advance estimates, the US Bureau of Economic Analysis reported that real GDP grew at an annualized pace of 3.5 per cent in the third quarter of 2014. This represents a slowing of growth from a (revised) second quarter estimate of 4.6 per cent growth that followed a 2.1 per cent decline in the first quarter.
Increases in real GDP reflect positive contributions from person consumption expenditures, exports, nonresidential fixed investment, and government spending that were partially offset by negative inventory investment. For the quarter, personal consumption expenditures increased real GDP by 1.22 percentage points with rising durable goods accounting for 0.53 percentage points and services accounting for 0.52 percentage points of total growth. Fixed investment increased real GDP by 0.74 percentage points on stronger industrial and transportation equipment while declining inventories subtracted 0.57 percentage points. Net exports added 1.32 percentage points of growth as exports grew and imports fell. Government expenditures and investment added 0.83 percentage points, growing at its fastest pace in five years, with national defense (+0.66 percentage points) accounting for most of the increase.
Source:
US Bureau of Economic Analysis