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Real gross domestic product – the output of goods and services produced by labor and property located in the United States – increased at an annual rate of 1.3 percent in the second quarter of 2012 (from the first quarter to the second quarter), according to the third estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2 percent.
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In the second estimate, the increase in real GDP was 1.7 percent.
The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, nonresidential fixed investment, and residential fixed investment that were partly offset by negative contributions from private inventory investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the second quarter primarily reflected decelerations in PCE, in nonresidential fixed investment, and in residential fixed investment that were partly offset by smaller decreases in federal government spending and in state and local government spending and an acceleration in exports.
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