August 29, 2012
GDP Grows 1.7 Percent In Q2
The United States' gross domestic product (GDP), which measures the output of goods and services produced by labor and property, grew1.7 percent in the second quarter compared to the first, the Bureau of Economic Analysis (BEA) reported.
The growth was primarily due to increases in personal consumption spending, exports and fixed investments. Decreases were noted in private inventory investment and government spending.
The GDP figures announced today represent the BEA's second estimate of second-quarter economic growth, based on more complete information than was used for the first estimate of 1.5 percent in July.
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