BEA Releases Advance Estimate of Q2 2017 GDP and Annual Update (July 2017)
The Bureau of Economic Analysis (BEA) has released its advance estimate of second quarter of 2017 GDP and its annual update of the national income and product accounts. This advance estimate is based on data that may be incomplete or revised in the future. The second estimate for the second quarter, based on more complete data, will be released on August 30.
Real GDP increased at an annual rate of 2.6% in the second quarter of 2017, up from a (revised) rate of 1.2% seen in the first quarter of 2017. This increase reflected higher personal consumption expenditures, government spending, nonresidential fixed investment, and exports. While exports are still increasing in the second quarter at a rate of 4.1%, they have slowed down from the first quarter, where they experienced an increase of 7.1%.
Every summer, BEA updates previous GDP estimates, using updated data and methodology. GDP estimates for the past three quarters (the third and fourth quarters of 2016 and the first quarter of 2017) have been reduced from previous figures, signaling that economic growth was not as rapid as previously calculated. Nevertheless, a shrinkage of GDP has not been seen since Q1 2014, and this was an isolated case, indicating that the economy is healthy.
The full report including tables, charts, and data is available below: