Posted July 29, 2016

GDP increased by 1.2 percent in 2Q

Real gross domestic product increased at an annual rate of 1.2 percent in the second quarter of 2016.

According to the "advance" estimate released by the Bureau of Economic Analysis, the increase reflected positive contributions from personal consumption expenditures (PCE) and exports that were partly offset by negative contributions from private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased.