U.S. GDP Growth Revised to 3.1 Percent in Q3
Andre Crujo
andre@tradingeconomics.com
12/20/2012 1:36:20 PM
The Gross Domestic Product (GDP) (click here) in the United States expanded 3.10 percent in the third quarter of 2012 over the previous quarter. GDP Growth Rate in the United States is reported by the Bureau of Economic Analysis. Historically, from 1947 until 2012, the United States GDP Growth Rate averaged 3.25 Percent reaching an all time high of 17.20 Percent in March of 1950 and a record low of -10.40 Percent in March of 1958. The United States has one of the most diversified and most technologically advanced economies in the world. Finance, insurance, real estate, rental, leasing, health care, social assistance, professional, business and educational services account for more than 40 percent of GDP. Retail and wholesale trade creates another 12 percent of the wealth. The government related services fuel 13 percent of GDP. Utilities, transportation and warehousing and information account for 10 percent of the GDP. Manufacturing, mining, and construction constitute 17 percent of the output. Agriculture accounts for only 1.5 percent of the GDP, yet due to use of advance technologies, the United States is a net exporter of food. This page includes a chart with historical data for the United States GDP Growth Rate.
The increase in real GDP in the third quarter primarily reflected positive contributions from PCE, private inventory investment, federal government spending, residential fixed investment, and exports that were partly offset by a negative contribution from nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased.
See, ICE knows the USA is taking off again like a rocket. It was artificially suppressed for political purposes. The more local strength the citizens of the USA have in their economy, the less the losers of Wall Street can do it all over again. We are doing just fine. Keep going. It is a good New Year in the USA.
Real personal consumption expenditures increased 1.6 percent in the third quarter, compared with an increase of 1.5 percent in the second. Durable goods increased 8.9 percent, in contrast to a decrease of 0.2 percent. Nondurable goods increased 1.2 percent, compared with an increase of 0.6 percent. Services increased 0.6 percent, compared with an increase of 2.1 percent.
Congratulations. Make sure the SSI benefit achieved by the working people in the USA maintains its integrity until their natural death.
Real nonresidential fixed investment decreased 1.8 percent in the third quarter, in contrast to an increase of 3.6 percent. Nonresidential structures was unchanged in the third quarter; in the second quarter, structures increased 0.6 percent. Equipment and software decreased 2.6 percent in the third quarter, in contrast to an increase of 4.8 percent in the second. Real residential fixed investment increased 13.5 percent, compared with an increase of 8.5 percent.
