The nation’s output of goods and services grew by 1.7 percent in the second quarter of the year, the Bureau of Economic Analysis said today.
Real gross domestic product, or GDP, had grown 1.1 percent in the first quarter.
The BEA said the estimates released today are based on incomplete data and the second estimate for the quarter, based on more complete data, will be released Aug. 29.
According to the BEA, the second-quarter growth was mostly due to increases in consumer spending, exports, nonresidential fixed investment, private inventory investment, and residential investment that were partly offset by declines in federal government spending. Imports, which are subtracted from the GDP, also increased.
