BEA Releases Advance Estimate of Second Quarter GDP (July 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 percent during the second quarter of 2016. In the first quarter of 2016, real GDP increased 0.8 percent (revised).
The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE) and exports which were offset by negative contributions from private inventory investment, nonresidential and residential fixed investment and state and local government spending. Imports, which is subtracted in the GDP calculation, decreased.
The full BEA press release on the advanced estimate of second quarter GDP can be accessed in the link below:
The next release—for the second estimate of second quarter GDP 2016 and preliminary estimate for corporate profits, second quarter 2016 will be released on Friday, August 26, 2016.