Economy
October 30, 2014
Gross Domestic Product Q3 2014, First Estimate
Written by Peter Wright
The Bureau of Economic Analysis (BEA) released the third estimate of Q3 2014 Annual Revision of the National Income and Product Accounts on Thursday.
The annualized growth rate in the third quarter was 3.50 percent which was down from 4.51 percent in Q2 but still exceeded most analysts’ expectations. GDP is measured and reported in chained 2009 dollars and in Q3 was $16.151 trillion. The calculation is slightly misleading because it takes the quarter over quarter growth and multiplies by 4 to get an annualized rate. This makes the high quarters higher and the low quarters lower, (Figure 1). On a year over year basis GDP was 2.35 percent higher in the third quarter than it was in Q3 2013.
