The quarterly national accounts for 2010:Q3 have been released. They show seasonally adjusted real GDP increasing 0.5% quarter over quarter and seasonally adjusted real GNP up 1.1% over the same period. There are also some small upward revisions to the second quarter figures, with the change in real GDP revised from -1.2 percent to -1.0 percent and the change in real GNP revised from -0.3 percent to 0.1 percent. On a year-over-year basis, real GDP was down 0.5 percent in 2010:Q3 and real GNP was down 1.6 percent.
Nominal GDP perhaps matters more for fiscal policy and here the news is also better than we have seen in some time. Nominal GDP was up 0.8 percent in 2010:Q3 and the second quarter figure was revised up from a 0.3 percent decline to a 0.2 percent increase. Nominal GNP was up 1.9 percent in 2010:Q3 and the previous quarter was revised up from a 0.5 percent increase to a 1.9 percent increase. Nominal GDP is down 1 percent year over year while nominal GNP is down 2.3 percent over the same period.
The growth in the third quarter was driven by a strong performance for net exports, with all component of domestic demand contracting.