WASHINGTON, Nov. 27 (Xinhua) -- The U.S. gross domestic product (GDP) grew at an annual rate of 2.8 percent in the third quarter of this year, the U.S. Department of Commerce reported in the second estimate released Wednesday.
The update primarily reflected upward revisions to private inventory investment and nonresidential fixed investment as well as downward revisions to exports and consumer spending, according to the department's Bureau of Economic Analysis (BEA).
Imports, which are a subtraction in the calculation of GDP, were revised down.
In the second quarter, real GDP rose 3.0 percent, the report showed.
Compared to the second quarter, the deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory investment and a larger decrease in residential fixed investment. These movements were partly offset by accelerations in exports, consumer spending, and federal government spending. Imports accelerated.
Disposable personal income increased 122.9 billion U.S. dollars, or 2.3 percent, in the third quarter, a downward revision of 43.1 billion dollars from the previous estimate. Real disposable personal income increased 0.8 percent, a downward revision of 0.8 percentage points.
The final estimate for the third quarter, based on more complete source data, will be released on Dec. 19.
