Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Gross domestic product (GDP), or value added, is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. NIPA Handbook: Concepts and Methods of the U.S.For more on BEA's statistics, refer to our online journal, the Survey of Current Business.Access BEA data by registering for BEA's data Application Programming Interface (API).Stay informed about BEA developments by reading the BEA blog, signing up for BEA's email subscription service, or following BEA on X, formerly known as Twitter Historical time series for these estimates can be accessed in BEA's interactive data application.For information on updates to GDP, refer to the "Additional Information" section that follows. The "second" estimate for the third quarter, based on more complete data, will be released on November 29, 2023. Information on the source data and key assumptions used in the advance estimate is provided in a Technical Note and a detailed " Key Source Data and Assumptions" file posted with the release. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The personal saving rate-personal saving as a percentage of disposable personal income-was 3.8 percent in the third quarter, compared with 5.2 percent in the second quarter. Personal saving was $776.9 billion in the third quarter, compared with $1.04 trillion in the second quarter. Real disposable personal income decreased 1.0 percent, in contrast to an increase of 3.5 percent. The increase reflected increases in compensation, proprietors’ income, personal income receipts on assets, and rental income of persons that were partly offset by a decrease in personal current transfer receipts (table 8).ĭisposable personal income increased $95.8 billion, or 1.9 percent, in the third quarter, compared with an increase of $296.5 billion, or 6.1 percent, in the second quarter. Personal IncomeĬurrent-dollar personal income increased $199.5 billion in the third quarter, compared with an increase of $239.6 billion in the second quarter. Excluding food and energy prices, the PCE price index increased 2.4 percent, compared with an increase of 3.7 percent. The personal consumption expenditures (PCE) price index increased 2.9 percent, compared with an increase of 2.5 percent. The price index for gross domestic purchases increased 3.0 percent in the third quarter, compared with an increase of 1.4 percent in the second quarter (table 4). In the second quarter, GDP increased 3.8 percent, or $249.4 billion (table 1 and table 3). Imports turned up.Ĭurrent dollar GDP increased 8.5 percent at an annual rate, or $560.5 billion, in the third quarter to a level of $27.62 trillion. These movements were partly offset by a downturn in nonresidential fixed investment and a deceleration in state and local government spending. Within nonresidential fixed investment, a decrease in equipment was partly offset by increases in intellectual property products and structures.Ĭompared to the second quarter, the acceleration in real GDP in the third quarter reflected accelerations in consumer spending, private inventory investment, and federal government spending and upturns in exports and residential fixed investment. The increase in private inventory investment reflected increases in manufacturing and retail trade. Within goods, the leading contributors to the increase were other nondurable goods (led by prescription drugs) as well as recreational goods and vehicles. Within services, the leading contributors were housing and utilities, health care, financial services and insurance, and food services and accommodations. The increase in consumer spending reflected increases in both services and goods. Imports, which are a subtraction in the calculation of GDP, increased. The increase in real GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, and residential fixed investment that were partly offset by a decrease in nonresidential fixed investment (table 2).
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