US GDP shrinks in 3d qtr.; OECD sees gloomy 2009

Dec 02, 2008 | 12:05 PM | Corinna Petry

The United States' real gross domestic product (GDP), the output of goods and services produced by labor and property, fell at an annual rate of 0.5 percent in the third quarter compared with the second quarter, greater than the preliminary estimate of a 0.3-percent decline, according to the federal Bureau of Economic Analysis.

The main culprit for the decline was said to be weak consumer spending.

"Most major components contributed to the downturn in real GDP growth in the third quarter," the bureau said. "The largest contributors were a sharp downturn in personal consumption expenditures (which fell 3.7 percent vs. a 1.2-percent gain in the second quarter), a deceleration in exports, a smaller decrease in imports and decelerations in nonresidential structures and in state and local government spending."....

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