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BEA says GDP grew at 4.2% in second quarter

Revision upward comes from nonresidential fixed investment

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Real gross domestic product – the output of goods and services produced by labor and property located in the United States – increased at an annual rate of 4.2% in the second quarter of 2014, according to the second estimate released by the Bureau of Economic Analysis Thursday morning. 

In the first quarter, real GDP decreased 2.1%.

In the advance estimate, the second quarter increase in real GDP was 4%. 

The final estimate will not be published until September 26.

With this second estimate for the second quarter, the general picture of economic growth remains the same; the increase in nonresidential fixed investment was larger than previously estimated, while the increase in private inventory investment was smaller than previously estimated, the government says.       

The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures, private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment. 

Imports, which are a subtraction in the calculation of GDP, increased.

Real GDP increased 4.2% in the second quarter after decreasing 2.1% in the first. This upturn in the% change in real GDP primarily reflected upturns in exports and in private inventory investment, accelerations in PCE and in nonresidential fixed investment, and upturns in state and local government spending and in residential fixed investment that were partly offset by an acceleration in imports.  

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