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Economy / Economy

Economic Growth Faster Than Thought

photo of Catherine Hollander
November 29, 2012

Real gross domestic product rose at an annual rate of 2.7 percent in the third quarter, the Commerce Department reported Thursday, up from an initial estimate of 2 percent.

  • It was the fastest pace since the end of last year. GDP rose by 1.3 percent in the second quarter of this year and 2 percent in the first.
  • Economists surveyed by MarketWatch expected the number to be revised to 2.8 percent. The second GDP estimate is based on more complete information than the initial reading of 2 percent reported last month.
  • The upward revisions mean the economy was in better shape heading into negotiations over the year-end fiscal cliff, a combination of tax hikes and spending cuts that the nonpartisan Congressional Budget Office has warned could throw the economy back into recession if Congress fails to act.
  • The Commerce Department will release a third estimate on Dec. 20.
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