Gross domestic product increases in third quarter
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Manufacturing News, Source : TheManufacturer.com
Published : 23 Dec 2003 14:39
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 8.2 percent in the third quarter of 2003, according to revised estimates released by the US Department of Commerce’s Bureau of Economic Analysis today.
In the previous quarter, real GDP increased only 3.1 percent.
The major contributors to the increase in real GDP in the third quarter included household or personal consumption expenditures (PCE), equipment and software, and exports. Imports, which are a subtraction in the calculation of GDP, also increased.
The acceleration in real GDP growth was partly offset by a downturn in federal national defense spending.
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