Gross Domestic Product Up 3.2% in 3Q 2017

2017 3Q GDP Tidbit.png

Real gross domestic product (GDP) increased 3.2 percent in the third quarter of 2017, according to the Bureau of Economic Analysis. In the second quarter of 2017, real GDP increased 3.1 percent.

The increase in real GDP reflected increases in consumer spending, inventory investment, business investment, and exports. Imports, which are a subtraction from GDP, decreased.

The increase in consumer spending reflected increases in spending on both goods and services. The increase in goods was primarily attributable to motor vehicles. The increase in services primarily reflected increases in health care, financial services and insurance, and food services and accommodations.

The increase in inventory investment primarily reflected increases in wholesale trade and in manufacturing industries. The increase in business investment reflected increases in equipment and intellectual property products; these increases were partly offset by a decrease in structures.