US Q3 GDP up 4.4%…advance estimate revised up by 0.1pp
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Summary
- The US Department of Commerce said the revised estimate of US GDP growth for Q3 last year was 4.4%, up 0.1 percentage point from the 4.3% advance estimate.
- It said the prevailing market view is that US growth in Q4 last year will fall below 4%.
- It said the Congressional Budget Office and the US Treasury Department view the federal government shutdown as having the effect of lowering the annualized Q4 GDP growth rate by 1.0 to 2.0 percentage points.
The US economy is estimated to have grown 4.4% in the third quarter of last year.
The US Department of Commerce said on the 23rd (local time) that the revised estimate of US gross domestic product (GDP) growth for Q3 last year came in at 4.4% (annual rate, quarter-on-quarter). This marks an upward revision of 0.1% point from the advance estimate (4.3%) released late last month.
In the market, the prevailing view is that US growth will fall below 4% in Q4 last year, as the federal government shutdown weighed directly on real economic activity.
According to the Congressional Budget Office (CBO), the shutdown has the effect of lowering the annualized Q4 GDP growth rate by 1.0 to 2.0% points. The US Treasury Department also said the shutdown could drag down US economic growth.
The United States releases GDP growth figures three times—advance, revised and final. The final estimate is calculated by incorporating economic activity indicators that were omitted in the preliminary estimation. Also, unlike South Korea, the US reports GDP statistics by annualizing the growth rate from the previous quarter.
