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.