Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2021, according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent.
The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 2.0 percent. The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment.
Here is a Comparison of Second and Advance Estimates. PCE growth was revised up from 1.6% to 1.7%. Residential investment was revised down from -7.7% to -8.3%. This was at the consensus forecast.