GDP increases in third quarter, exports increase
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Manufacturing News, Source : TheManufacturer.com
Published : 25 Nov 2003 19:02
Real gross domestic product (GDP) increased considerably in the third quarter to an annual rate of 8.2 percent, the US Department of Commerce reported today.
The figures beat the Department’s own expectations, as it had estimated last month that the rate would be 7.2 percent. This figure is up from a 3.3 percent annual rate in the second quarter of 2003.
An upturn in exports and a decline in imports helped boost the GDP numbers. Real exports of goods and services increased 11 percent in the third quarter, in contrast to a decrease of one percent in the second. Real imports of goods and services increased 1.5 percent, compared with an increase of 8.8 percent last quarter.
Consumer spending also increased, to a 6.4 percent growth rate, compared to last quarter’s 3.8 percent. The Department of Commerce had estimated last month that the consumer spending rate would be slightly higher: 6.6 percent.
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