The advance third-quarter estimate of GDP growth is 4.8%, slightly higher than economists’ expectations. Growth was broad based, with strong gains of 14.9% in business fixed investment and 12.4% in exports. The latter was more than offset, however, by imports’ 17.2% advance, the strongest gain in two years. Personal consumption expenditures increased 4.3%.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-11, pp. 09-10, 11.01.1999.