U.S. real GDP grew 5.2% in the third quarter, faster than previous estimates

U.S. gross domestic product grew 5.2% in the third quarter of 2023, according to a Bureau of Economic Analysis report released Wednesday. U.S. President Joe Biden speaks in Maryland Sept. 14 on the positive economic data in recent months, including strong GDP growth and easing inflation. Photo by Al Drago/UPI

Nov. 29 (UPI) -- Real U.S. gross domestic product grew 5.2% in the third quarter of 2023, according to the Bureau of Economic Analysis second estimate Wednesday.

The revised estimate is up from the 4.9% increase previously estimated.

"The GDP estimate released today is based on more complete source data than were available for the 'advance' estimate issued last month," the BEA said in a statement.

The BEA said the GDP third-quarter growth came from rises in "consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment, and nonresidential fixed investment."

Current-dollar GDP was up at an annual rate of 8.9%, rising by $581.5 billion in the third quarter to a total of $27.64 trillion. The revised estimate is $20.9 billion higher than the previous estimate.

U.S. personal disposable income was up $144 billion while personal savings was $815.4 billion, with a personal savings rate of 4%.

Profits were up, too, with a third-quarter increase of $18.8 billion for financial corporations while profits for non-financial corporations increased $76.2 billion.

Real gross domestic income rose 1.5% in the third quarter.

"The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.3% in the third quarter, compared with an increase of 1.3% (revised) in the second quarter," the BEA statement said.