Gross Domestic Product

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022, in contrast to a decrease of 0.6 percent in the second quarter. The increase in the third quarter primarily reflected increases in exports and consumer spending that were partly offset by a decrease in housing investment.

Real gross domestic product (GDP) decreased at an annual rate of 0.6 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter. The second-quarter decrease was the same as previously estimated in the “second” estimate released in August. The smaller decrease in the second quarter, compared to the first quarter, reflected an upturn in exports and an acceleration in consumer spending.

Profits increased 4.6 percent at a quarterly rate in the second quarter after increasing 0.1 percent in the first quarter.

Private goods-producing industries decreased 10.4 percent, private services producing industries increased 2.0 percent, and government decreased 0.2 percent. Overall, 9 of 22 industry groups contributed to the second-quarter decline in real GDP.