Goods Exports Push Real GDP Higher in Third Quarter
Real GDP growth is finally ticking up toward the long run average again. The BEA released it's first (Advance) GDP estimate for the third quarter. The estimate of real GDP growth came in at 2.9%, which is the highest level in two full years but still below a long run (50-year) average of 3 percent.
Much of this increase was driven by exports and especially exports of goods. While total exports make up just 12% of total GDP, exports increased by $66.4 billion in the third quarter. This increase contributed more than one third of the total real GDP growth in the third quarter. The contribution of the four major pieces of GDP to third quarter growth is broken down in the table below.