GDP Growth in the Second Quarter, Second Estimate–Gaining Strength

The Bureau of Economic Analysis (BEA) recently released its second estimate on real gross domestic product (GDP) growth in the second quarter of 2013. Their estimate shows a GDP growth of about 2.5 percent, with is an upwards revision from the first estimate of 1.7 percent. This revised estimate came mostly from stronger than expected exports as well as weaker imports, in addition to a small boost from inventory investment. This was undermined by a downward revision in state and local government spending, as well as slow growth of personal consumption expenditures (PCE). Essentially, the report showed a strengthening economy with weak price growth.

 

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