The 2020 Mid-Year Economic Update_long

Advance Estimate: Real GDP Up 4% in 2Q

In the first quarter, real GDP decreased 2.1 percent.

Real gross domestic product – the output of goods and services produced by labor and property located in the U.S. – increased at an annual rate of 4 percent in the second quarter of 2014, as compared to the first quarter, according to the advance estimate released by the Bureau of Economic Analysis.

In the first quarter, real GDP decreased 2.1 percent.

This second-quarter advance estimate is based on source data that is incomplete or subject to further revision by the source agency. The second estimate for the second quarter, based on more complete data, will be released on Aug. 28.

The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures, private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

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