Gross Domestic Product Second Quarter 2019 (Second Estimate) Aug. 2019

Real gross domestic product(GDP) increased at an annual rate of 2.0 percent in the second quarter of 2019 according to the ""second"" estimate released by the Bureau of Economic Analysis. In the first quarter real GDP increased 3.1 percent.  In the previous “advance estimate” the increase in real GDP was 2.1 percent. The revision primarily reflected downward revisions to state and local government spending exports private inventory investment and residential investment that were partly offset by an upward revision to personal consumption expenditures (PCE). Imports which are a subtraction in the calculation of GDP were unrevised.

The increase in real GDPin the second quarter reflected positive contributions from PCE federal government spending and state and local government spending that were partly offset by negative contributions from private inventory investment exports residential fixed investment and nonresidential fixed investment. Imports increased.  The deceleration in real GDP in the second quarter primarily reflected downturns in inventory investment exports and nonresidential fixed investment. These downturns were partly offset by accelerations in PCE and federal government spending.