US real GDP sees an impressive 5% annual growth in Q3

Posted on January 2, 2024   |  

Real gross domestic product (GDP) for Q3 showed a substantial annual increase of 4.9%, following a growth of 2.1% in Q2.

The growth in real GDP was driven by upticks in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment, and nonresidential fixed investment. 

However, there was also an increase in imports.

When compared to Q2, the acceleration in Q3's real GDP primarily resulted from quicker growth in exports, consumer spending, and private inventory investment.