According to the advance estimate of gross domestic product (GDP) in the third quarter of 2016, real GDP increased at an annualized rate of 2.9 percent, following a 1.4 percent increase in the second quarter of 2016. Much of the increase was attributed to growth in consumer spending, which contributed 1.5 percentage points to the quarterly gain. Net exports and private inventory investments contributed 0.8 and 0.6 percentage points, respectively, to overall growth in the third quarter as well.
