Nation's GDP Rises In Q2
The nation’s economy grew in the second quarter, with GDP — the measure of output of goods and services — rising 2.5 percent, the U.S. Bureau of Economic Analysis said.
In the first quarter, the GDP rose 1.1 percent.
Today’s announcement reflects the BEA’s second estimate of the second quarter, which uses more complete data than its initial estimate, released last month, which claimed GDP was 1.7 percent. The BEA said the change was due to exports increasing by more than previously estimated and the increase in imports being smaller.
The increase in GDP for the second quarter was primarily due to increases in personal spending, exports, private inventory investment, nonresidential fixed investment, and residential fixed investment, the BEA said. Those were partly offset by decreases in federal government spending. Imports, which are a subtraction in the BEA’s GDP calculation, decreased.
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