Statement from Under Secretary Rebecca Blank on the Second Estimate of Gross Domestic Product in the Third Quarter 2009

The U.S. Commerce Department’s Bureau of Economic Analysis today released the second estimate of gross domestic product (GDP) for the third quarter of 2009. Real GDP rose 2.8 percent at an annual rate, down moderately from the advance estimate of 3.5 percent. Most private analysts had expected a revision to 2.7 percent in the third quarter.

“The revised third-quarter growth in real GDP is the largest gain since the third quarter of 2007. Consumer spending, residential construction, exports and government expenditures all posted favorable gains. The downward revision reflected lower consumer spending and investment in structures, and higher imports. Growth is likely to continue in the fourth quarter, due to ongoing effects of stimulus spending and increasing economic health spurring growth in many sectors of the economy.”