US Q3 GDP growth revised higher to 2.1% on stronger inventory accumulation

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Dr. Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Global Economic & Market Outlook – Focus Notes (25 November 2015)

US Q3 GDP growth revised higher to 2.1% on stronger inventory accumulation

  • According to the second estimate of the US Bureau of Economic Analysis (BEA), 1 Q3 real GDP growth was revised higher to 2.1%QoQ saar from 1.5% in the advance estimate, in line with consensus expectations (Figure 1).
  • The upward revision was primarily attributed to private inventories, which were revised to $90.2bn from $56.8bn in the advance estimate. Consequently, inventories subtracted 0.6pps from real GDP growth versus an estimated drag of 1.4pps previously. Separately, slightly stronger residential and nonresidential fixed investment was more than offset by a downward revision to external demand. The stronger dollar has probably weighed on exports, with net trade widening to -544.1bn from -536.2bn in the advance estimate and, thus, resulting in a drag of 0.2pps to real GDP growth from 0.0pps previously.

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GLOBAL FOCUS NOTE_NOVEMBER 25_USQ3GDP_S

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