Real gross domestic product — the value of the production of goods and services  in the United States, adjusted for price changes — increased at an annual rate  of 3.9 percent in the third quarter of 2014, according to the “second” estimate  released by the Bureau of Economic Analysis.  In the second quarter, real GDP  increased 4.6 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 3.5 percent.  With  the second estimate for the third quarter, private inventory investment  decreased less than previously estimated, and both personal consumption  expenditures (PCE) and nonresidential fixed investment increased more.  In  contrast, exports increased less than previously estimated.

The increase  in real GDP in the third quarter reflected positive contributions from PCE,  nonresidential fixed investment, federal government spending, exports,  residential fixed investment, and state and local government spending that were  partly offset by a negative contribution from private inventory investment.   Imports, which are a subtraction in the calculation of GDP, decreased.