The 2020 Mid-Year Economic Update_long

U.S. GDP Up 4%

Advance estimate marks highest growth rate since 2014.

Real Gross Domestic Product increased 4.1 percent in the second quarter, according to the advance estimate from the Bureau of Economic Analysis. This compares to 2.2 percent growth in the first quarter, and marks the largest gain in GDP growth since 2014.

The growth reflected positive contributions from personal consumption expenditures, exports, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by negative contributions from private inventory investment and residential fixed investment, BEA data showed. Imports, a subtraction in the calculation of GDP, increased.

The BEA will release its second estimate for the second quarter, based on more complete data, on August 29.

 

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