BEA Releases Advance Estimate of Second Quarter GDP (Aug. 2016)
The Bureau of Economic Analysis released its “advance” estimate of second quarter 2016 Gross Domestic Product. The advance estimate is based on data that may be incomplete or subject to revision. The second estimate, released in August, will be based on more complete data.
The advance estimate shows that real GDP increased at an annual rate of 1.2% during the second quarter of 2016. This is a slight acceleration from the first quarter of 2016, where GDP increased at a rate of 0.8 percent.
The acceleration reflects an increase in personal consumption expenditures and exports that were partly offset by negative contributions from private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending. Imports, which is subtracted for the GDP calculation, decreased.
The full report is accessible via the link below: