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Statement from U.S. Commerce Department Acting Deputy Secretary Rebecca Blank on the Third Estimate of Gross Domestic Product in the Third Quarter of 2010

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Wednesday, December 22, 2010

The U.S. Commerce Department’s Bureau of Economic Analysis today released the third estimate of gross domestic product (GDP) for the third quarter of 2010.  The increase in real GDP was revised to 2.6 percent at an annual rate from the second estimate of 2.5 percent.  The revision primarily reflected higher estimates for inventory investment that was largely offset by lower estimates for consumer spending.

“The pace of economic growth is improving, as demonstrated by today’s upward revision to third quarter GDP and increasing private-sector expectations for growth in the fourth quarter,” said Commerce Department Acting Deputy Secretary Rebecca Blank. “Today’s report shows several positive developments, including moderate growth in consumer spending for the fifth consecutive quarter and strong business investment in equipment for the fourth consecutive quarter. Additionally, the recently passed tax cuts – particularly those for the middle class – and the extension of unemployment insurance will boost the pace of GDP growth in 2011, helping to spur hiring in the coming months.”