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Statement from Commerce Under Secretary Rebecca Blank on the Second Estimate of GDP in the Third Quarter of 2010

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Tuesday, November 23, 2010

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 2010.  Real GDP grew at a 2.5 percent annual rate in the third quarter, revised up from the advance estimate of 2.0 percent and slightly higher than private-sector expectations of a 2.4 percent increase.  The upward revision reflected data that were not available for the advance estimate.

“The upward revision to third quarter GDP growth arose from a series of economic reports released over the past month that exceeded expectations, including net foreign trade and business spending for equipment and software,” said U.S. Commerce Department Under Secretary for Economic Affairs Rebecca Blank.  “Looking ahead, many private forecasters expect economic growth to pick up further.  Nevertheless, President Obama remains steadfast in his dedication to policies that foster economic growth and job creation, support American businesses and entrepreneurs, and provide a level playing field for U.S. companies abroad.”