From BEA today:

Figure 1: GDP, 3rd release (dark bold blue), 2nd release (light blue), GDO, 3rd release (dark bold red), 2nd release (light red), both in billions Ch.2012$, SAAR. GDO calculated using average of real GDP and GDI deflated using GDP deflator. Source: BEA, author’s calculations.

It’s very hard to see on this scale the impact of the revisions. Here’s the impact in annualized growth rates (log terms):

Figure 2: Quarter-on-quarter growth rate of GDP, 3rd release (dark bold blue), 2nd release (light blue), GDO, 3rd release (dark bold red), 2nd release (light red), both SAAR. GDO calculated using average of real GDP and GDI deflated using GDP deflator. Source: BEA, author’s calculations.

Keep reading this article on Econbrowser Blog - James Hamilton & Menzie Chinn.

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