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The annualized percent change in real GDP for the third quarter of 2013 was revised up from 3.6 percent to 4.1 percent based on the third estimate. The upward revision to GDP growth primarily reflects revisions to consumption and business fixed investment. Consumption, which was previously estimated to have increased 1.4 percent during the quarter, is now estimated to have increased 2.0 percent and contributed 1.4 percentage points to GDP growth. This revision to consumption was primarily caused by an upward revision to services consumption, which is now estimated to have increased 0.7 percent after being flat in the previous release.
Business fixed investment increased 4.8 percent in the quarter, compared to a 3.5 percent increase in the second estimate. This upward revision to investment was mostly due to an upward revision to investment in intellectual property, which increased 5.8 percent in the quarter. Business fixed investment contributed 0.6 percentage points to GDP growth, compared with 0.4 percentage points prior to the revision. Residential investment was revised down slightly, from a 13.0 percent increase to an increase of 10.3 percent, contributing 0.3 percentage points to GDP growth. Both exports and imports were revised down slightly as well, and government spending was basically unchanged from the previous estimate.