Real GDP increased at an annual rate of 2.1% in the second quarter, compared with a gain of 3.1% in the first quarter, according to the advanced estimate from the Bureau of Economic Analysis.

Today’s second-quarter advance estimate is based on incomplete source data subject to further revision and will be followed by a second estimate, due to be released in August.

The chart below shows that GDP fell one percentage point from the first quarter and sits nearly two percentage points below the second quarter of 2018.

 (Source: BEA)

GDP - July

The increase in real GDP in the second quarter reflected positive contributions from federal government spending, personal consumption expenditures and state and local government spending.  

These were partly offset by negative contributions from exports, private inventory investment, nonresidential fixed investment and residential fixed investment. Notably, imports increased in percentage.

Current-dollar GDP increased 4.6%, or $239.1 billion, in the second quarter to a level of $21.34 trillion. This is up from the first quarter’s 3.9%, or $201.0 billion.

The gross domestic price purchase index increased 2.2% in the second quarter, up from an increase of 0.8% in the first quarter. Additionally, personal consumption expenditures increased 2.3%, up from 0.4% last quarter.

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