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November 30, 2004
Q3 Growth Stronger Than First Thought
From the Joint Congressional Economic Committee:
The Bureau of Economic Analysis (BEA) announced today that real gross domestic product (GDP) grew at a seasonally-adjusted annual rate of 3.9 percent during the 3rd quarter of 2004.
* Strong growth in the 3rd quarter was primarily driven by consumer spending and business investment in equipment and software. Consumer spending grew at an annual rate of 5.1 percent in the 3rd quarter, its fastest pace in three years.
* The upward revision to overall GDP growth was driven by stronger growth in consumer spending and business investment. Consumer spending growth was revised up to 5.1 percent from 4.6 percent, while business investment growth was revised up to 12.9 percent from 11.7 percent.
* During the 3rd quarter, exports and imports grew at seasonally-adjusted annual rates of 6.3 percent and 6.0 percent, respectively.
The full report is available here.
Posted November 30, 2004 10:08 AM
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at Belmont University in Nashville, Tennessee. He consults with a variety of businesses on start-up and growth related issues, and with larger corporations on re-establishing entrepreneurial cultures within their organizations. Dr. Cornwall's current research interests include entrepreneurial finance and entrepreneurial ethics. He has authored or co-authored four books.
