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2.7% increase in Gross Domestic Product based on BEA

A 2.7% increase in Gross Domestic product occurred in the 3rd Quarter of 2012, according to the 8:30 A.M. November 29th reporting by the BEA, bureau of economic analysis.

The bureau further reported that in the 2nd Quarter, real GDP increased only 1.3%.  In the advance estimate, the forecast was 2.0% growth, so the actual figures surpassed the estimate.   The increase in real GDP in the 3rd Quarter reflected real increases in Personal Consumption expenditures, private inventory investment, federal government spending, residential fixed investment, and state and local government spending.  Imports increased slightly.   The bureau also further reported that the increase in real GDP in the third quarter reflected upturns in private inventory investment and in government spending.

Real Domestic Gross Product up 2% in third Quarter

According to the 8:30 A.M. November 23 rd release by the Bureau of Economic Analysis (BEA), real gross domestic product was up 2% in the third quarter of 2012, for that 3 month period.

The bureau further reported that increase in real GDP in the third Quarter primarily reflected contributions from (PCE), Personal Consumption Expenditures, federal government spending, as well as residential fixed investment that were partly offset by negative contributions from exports, non residential fixed investment, and private inventory investment.

Real federal government expenditure(s) as well as gross investment increased 9.6 percent 3rd Quarter, in comparison to a decrease of 0.2 percent in the second.  National defense increased 13.0 percent, in contrast to a decrease of 0.2 percent.  Nondefense increased 3.0 percent, in contrast to a decrease of 0.4 percent.  Real state and local government consumption expenditures and gross investment decreased 0.1%, compared with a decrease of 1.0%

Real nonresidential fixed investment went down1.3% in the third quarter, in contrast to an increase of 3.6 percent in the second.  Nonresidential structures decreased 4.4 percent, in contrast to an increase of 0.6 percent.  Equipment and software decreased less than 0.1 percent, in contrast to an increase of 4.8 percent.  Real residential fixed investment increased 14.4 percent, compared with an increase of 8.5 percent.

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