Statement from Commerce Chief Economist Mark Doms on the Third Estimate of Gross Domestic Product in the Second Quarter 2009

The U.S. Commerce Department’s Bureau of Economic Analysis today released the third estimate of real gross domestic product (GDP) for the second quarter of 2009. The drop in real GDP was revised modestly to 0.7 percent at an annual rate from the second estimate of 1.0 percent. Most analysts had expected a decrease of 1.2 percent. The modest revision primarily reflected an upward revision to non-residential fixed investment.

“Today's revision of real GDP in the second quarter indicates that the economy has begun to stabilize,” Mark Doms, chief economist at the U.S. Commerce Department, said. “The economy is moving in the right direction, and further stimulus spending should support this momentum in the coming months.”