U.S. real GDP grew 5.2% in the third quarter, faster than previous estimates

Nov. 29 (UPI) -- Real U.S. gross domestic product grew 5.2% in the third quarter of 2023, according to the Bureau of Economic Analysis second estimate Wednesday.

The revised estimate is up from the 4.9% increase previously estimated.

"The GDP estimate released today is based on more complete source data than were available for the 'advance' estimate issued last month," the BEA said in a statement.

The BEA said the GDP third-quarter growth came from rises in "consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment, and nonresidential fixed investment."

Current-dollar GDP was up at an annual rate of 8.9%, rising by $581.5 billion in the third quarter to a total of $27.64 trillion. The revised estimate is $20.9 billion higher than the previous estimate.

U.S. personal disposable income was up $144 billion while personal savings was $815.4 billion, with a personal savings rate of 4%.

Profits were up, too, with a third-quarter increase of $18.8 billion for financial corporations while profits for non-financial corporations increased $76.2 billion.

Real gross domestic income rose 1.5% in the third quarter.

"The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.3% in the third quarter, compared with an increase of 1.3% (revised) in the second quarter," the BEA statement said.