The 2020 Mid-Year Economic Update_long

Real GDP Up 3.1% in 2Q According to Third Estimate

Real GDI increased 2.9 percent in the second quarter compared with an increase of 2.7 percent in the first.

Real gross domestic product for the U.S. increased at an annual rate of 3.1 percent in the second quarter, according to the "third" estimate released by the Bureau of Economic Analysis.  In the first quarter, real GDP increased 1.2 percent.

Real gross domestic income increased 2.9 percent in the second quarter compared with an increase of 2.7 percent in the first. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3 percent in the second quarter, compared with an increase of 2 percent in the first quarter.

The increase in real GDP in the second quarter primarily reflected positive contributions from PCE, nonresidential fixed investment, exports, federal government spending, and private inventory investment that were partly offset by negative contributions from residential fixed investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

The acceleration in real GDP in the second quarter reflected an upturn in private inventory investment, an acceleration in PCE, a deceleration in imports, and an upturn in federal government spending that were partly offset by a downturn in residential fixed investment, a deceleration in exports, and a downturn in state and local government spending.

Current-dollar GDP increased 4.1 percent, or $192.3 billion, in the second quarter to a level of $19,250 billion. In the first quarter, current-dollar GDP increased 3.3 percent, or $152.2 billion.

 

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