(ShareCast News) – US real gross domestic product (GDP) in the second quarter rose at an annual rate of 1.1%, a “second” estimate from US Bureau of Economic Analysis showed. In the first quarter, real GDP rose 0.8%.
The bureau said the rise in real GDP primarily reflected positive contributions from personal
consumption expenditures (PCE) and exports.
These were partly offset by negative contributions from private inventory investment, residential fixed investment, state and local government spending and nonresidential fixed investment, it added.
Imports, which are a subtraction in the calculation of GDP, increased.
“The acceleration in real GDP in the second quarter primarily reflected an acceleration in PCE, a smaller decrease in nonresidential fixed investment, an upturn in exports, and a smaller decrease in federal government spending,” the bureau said.
“These were partly offset by a larger decrease in private inventory investment and
downturns in state and local government spending, in residential fixed investment, and in imports.”