Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.1 percent in the third quarter of 2013 (that
is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau
of Economic Analysis. In the second quarter, real GDP increased 2.5 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued on December 5, 2103. In the second estimate, the increase in real GDP was
3.6 percent (see "Revisions" on page 3). With this third estimate for the third quarter, increases in
personal consumption expenditures (PCE) and in nonresidential fixed investment were larger than
previously estimated.
The increase in real GDP in the third quarter primarily reflected positive contributions from
private inventory investment, PCE, nonresidential fixed investment, exports, residential fixed
investment, and state and local government spending that were partly offset by a negative contribution
from federal government spending. Imports, which are a subtraction in the calculation of GDP,
increased.
The acceleration in real GDP growth in the third quarter primarily reflected an acceleration in
private inventory investment, a deceleration in imports, and accelerations in state and local government
spending and in PCE that were partly offset by a deceleration in exports.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.8 percent in the third quarter, the same increase as in the second estimate; this index
increased 0.2 percent in the second quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.5 percent in the third quarter, compared with an increase of 0.8 percent
in the second.
Real personal consumption expenditures increased 2.0 percent in the third quarter, compared
with an increase of 1.8 percent in the second. Durable goods increased 7.9 percent, compared with an
increase of 6.2 percent. Nondurable goods increased 2.9 percent, compared with an increase of 1.6
percent. Services increased 0.7 percent, compared with an increase of 1.2 percent.
Real nonresidential fixed investment increased 4.8 percent in the third quarter, compared with an
increase of 4.7 percent in the second. Nonresidential structures increased 13.4 percent, compared with
an increase of 17.6 percent. Equipment increased 0.2 percent, compared with an increase of 3.3 percent.
Intellectual property products increased 5.8 percent, in contrast to a decrease of 1.5 percent. Real
residential fixed investment increased 10.3 percent, compared with an increase of 14.2 percent.
Real exports of goods and services increased 3.9 percent in the third quarter, compared with an
increase of 8.0 percent in the second. Real imports of goods and services increased 2.4 percent,
compared with an increase of 6.9 percent.
Real federal government consumption expenditures and gross investment decreased 1.5 percent
in the third quarter, compared with a decrease of 1.6 percent in the second. National defense decreased
0.5 percent, compared with a decrease of 0.6 percent. Nondefense decreased 3.1 percent, the same
decrease as in the second quarter. Real state and local government consumption expenditures and gross
investment increased 1.7 percent, compared with an increase of 0.4 percent.
The change in real private inventories added 1.67 percentage points to the third-quarter change in
real GDP, after adding 0.41 percentage point to the second-quarter change. Private businesses increased
inventories $115.7 billion in the third quarter, following increases of $56.6 billion in the second quarter
and $42.2 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.5
percent in the third quarter, compared with an increase of 2.1 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.9 percent in the third quarter, compared with an increase of 2.5 percent in the
second.
Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 4.4 percent in the third quarter, compared with an increase of 2.7
percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which increased $12.7 billion in the third quarter after increasing $7.7 billion in the second; in the
third quarter, receipts increased $1.0 billion, and payments decreased $11.7 billion
Revisions
The upward revision to the percent change in real GDP primarily reflected upward revisions to
personal consumption expenditures and to nonresidential fixed investment that were partly offset by a
downward revision to residential fixed investment.
Advance Estimate Second Estimate Third Estimate
(Percent change from preceding quarter)
Real GDP................................................ 2.8 3.6 4.1
Real GDI................................................. --- 1.4 1.8
Current-dollar GDP................................ 4.8 5.6 6.2
Gross domestic purchases price index... 1.8 1.8 1.8
located in the United States -- increased at an annual rate of 4.1 percent in the third quarter of 2013 (that
is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau
of Economic Analysis. In the second quarter, real GDP increased 2.5 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued on December 5, 2103. In the second estimate, the increase in real GDP was
3.6 percent (see "Revisions" on page 3). With this third estimate for the third quarter, increases in
personal consumption expenditures (PCE) and in nonresidential fixed investment were larger than
previously estimated.
The increase in real GDP in the third quarter primarily reflected positive contributions from
private inventory investment, PCE, nonresidential fixed investment, exports, residential fixed
investment, and state and local government spending that were partly offset by a negative contribution
from federal government spending. Imports, which are a subtraction in the calculation of GDP,
increased.
The acceleration in real GDP growth in the third quarter primarily reflected an acceleration in
private inventory investment, a deceleration in imports, and accelerations in state and local government
spending and in PCE that were partly offset by a deceleration in exports.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.8 percent in the third quarter, the same increase as in the second estimate; this index
increased 0.2 percent in the second quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.5 percent in the third quarter, compared with an increase of 0.8 percent
in the second.
Real personal consumption expenditures increased 2.0 percent in the third quarter, compared
with an increase of 1.8 percent in the second. Durable goods increased 7.9 percent, compared with an
increase of 6.2 percent. Nondurable goods increased 2.9 percent, compared with an increase of 1.6
percent. Services increased 0.7 percent, compared with an increase of 1.2 percent.
Real nonresidential fixed investment increased 4.8 percent in the third quarter, compared with an
increase of 4.7 percent in the second. Nonresidential structures increased 13.4 percent, compared with
an increase of 17.6 percent. Equipment increased 0.2 percent, compared with an increase of 3.3 percent.
Intellectual property products increased 5.8 percent, in contrast to a decrease of 1.5 percent. Real
residential fixed investment increased 10.3 percent, compared with an increase of 14.2 percent.
Real exports of goods and services increased 3.9 percent in the third quarter, compared with an
increase of 8.0 percent in the second. Real imports of goods and services increased 2.4 percent,
compared with an increase of 6.9 percent.
Real federal government consumption expenditures and gross investment decreased 1.5 percent
in the third quarter, compared with a decrease of 1.6 percent in the second. National defense decreased
0.5 percent, compared with a decrease of 0.6 percent. Nondefense decreased 3.1 percent, the same
decrease as in the second quarter. Real state and local government consumption expenditures and gross
investment increased 1.7 percent, compared with an increase of 0.4 percent.
The change in real private inventories added 1.67 percentage points to the third-quarter change in
real GDP, after adding 0.41 percentage point to the second-quarter change. Private businesses increased
inventories $115.7 billion in the third quarter, following increases of $56.6 billion in the second quarter
and $42.2 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.5
percent in the third quarter, compared with an increase of 2.1 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.9 percent in the third quarter, compared with an increase of 2.5 percent in the
second.
Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 4.4 percent in the third quarter, compared with an increase of 2.7
percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which increased $12.7 billion in the third quarter after increasing $7.7 billion in the second; in the
third quarter, receipts increased $1.0 billion, and payments decreased $11.7 billion
Revisions
The upward revision to the percent change in real GDP primarily reflected upward revisions to
personal consumption expenditures and to nonresidential fixed investment that were partly offset by a
downward revision to residential fixed investment.
Advance Estimate Second Estimate Third Estimate
(Percent change from preceding quarter)
Real GDP................................................ 2.8 3.6 4.1
Real GDI................................................. --- 1.4 1.8
Current-dollar GDP................................ 4.8 5.6 6.2
Gross domestic purchases price index... 1.8 1.8 1.8
