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News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Friday, October 27, 2017
BEA 17-56

Gross Domestic Product, 3rd quarter 2017 (advance estimate)

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the third quarter of
2017 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the
second quarter, real GDP increased 3.1 percent.

The Bureau emphasized that the third-quarter advance estimate released today is based on source data
that are incomplete or subject to further revision by the source agency (see “Source Data for the
Advance Estimate” on page 2). The "second" estimate for the third quarter, based on more complete
data, will be released on November 29, 2017.

Real GDP: Percent Change from Preceding Quarter

The increase in real GDP in the third quarter reflected positive contributions from personal consumption
expenditures (PCE), private inventory investment, nonresidential fixed investment, exports, and federal
government spending. These increases were partly offset by negative contributions from residential
fixed investment and state and local government spending. Imports, which are a subtraction in the
calculation of GDP, decreased (table 2).

The deceleration in real GDP growth in the third quarter primarily reflected decelerations in PCE, in
nonresidential fixed investment, and in exports that were partly offset by an acceleration in private
inventory investment and a downturn in imports.

Current-dollar GDP increased 5.2 percent, or $245.5 billion, in the third quarter to a level of $19,495.5
billion. In the second quarter, current-dollar GDP increased 4.1 percent, or $192.3 billion (table 1 and
table 3).

The price index for gross domestic purchases increased 1.8 percent in the third quarter, compared with
an increase of 0.9 percent in the second quarter (table 4). The PCE price index increased 1.5 percent,
compared with an increase of 0.3 percent. Excluding food and energy prices, the PCE price index
increased 1.3 percent, compared with an increase of 0.9 percent (appendix table A).


Personal Income (table 10)

Current-dollar personal income increased $113.7 billion in the third quarter, compared with an increase
of $119.1 billion in the second. The deceleration in personal income primarily reflected decelerations in
personal dividend income, in rental income, and in wages and salaries that were offset by an
acceleration in government social benefits, a smaller decrease in personal interest income, an
acceleration in nonfarm proprietors’ income, and a smaller decrease in farm proprietors’ income.

Disposable personal income increased $73.6 billion, or 2.1 percent, in the third quarter, compared with
an increase of $125.1 billion, or 3.6 percent, in the second. Real disposable personal income increased
0.6 percent, compared with an increase of 3.3 percent.

Personal saving was $494.8 billion in the third quarter, compared with $545.6 billion in the second. The
personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.4 percent
in the third quarter, compared with 3.8 percent in the second.


Source Data for the Advance Estimate

Information on the source data in the advance estimate is provided in a Technical Note that is posted
with the news release on BEA’s Web site. A detailed "Key Source Data and Assumptions" file is also
posted for each release. For information on updates to GDP, see the "Additional Information" section
that follows.

                                          *          *          *


                              Next release:  November 29, 2017 at 8:30 A.M. EST
                         Gross Domestic Product:  Third Quarter 2017 (Second Estimate)
                         Corporate Profits:  Third Quarter 2017 (Preliminary Estimate)


                                          Release Dates in 2018


      Estimate                   2017: IV and annual    2018: I           2018: II           2018: III
Gross Domestic Product
 Advance                         January 26             April 27          July 27            October 26
 Second                          February 28            May 30            August 29          November 28
 Third                           March 28               June 28           September 27       December 21

Corporate Profits
 Preliminary                     …                      May 30            August 29          November 28
 Revised                         March 28               June 28           September 27       December 21