Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 7.2 percent in the third quarter of 2003, according to advance estimates released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.3 percent.
The Bureau emphasized that the third-quarter "advance" estimates are based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The third-quarter "preliminary" estimates, based on more comprehensive data, will be released on November 25, 2003.
The major contributors to the increase in real GDP in the third quarter were personal consumption expenditures (PCE), equipment and software, residential fixed investment, and exports. The contributions of these components were partly offset by a negative contribution from private inventory investment.
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