By Rhea Healy2016-08-04T14:02:00+01:00
According to the advance estimate released by the Bureau of Economic Analysis, real gross domestic product (GDP) increased at an annual rate of 1.2% in the US in the second quarter of 2016.
The increase reflected positive contributions from personal consumption expenditures (PCE) and exports that were partly offset by negative contributions from private inventory investment, both residential and non-residential fixed investment, and state and local government spending across America.
Imports, which are a subtraction in the calculation of GDP, decreased in the second quarter.
Source: US Bureau of Economic Analysis
Current dollar GDP increased by 3.5% or $155.9bn compared to the first quarter of 2016 in which current dollar GDP only showed a 1.3% or $58.9bn increase.
The price index for gross domestic purchases also increased 2% in this second quarter, compared to an increase of just 0.2% in the first. In comparison, the PCE price index increased 1.7%, compared with a prior increase of 2.1%.
US real GDP grew at an annual rate of 0.5 perfect in the first quarter of 2016, according to the first estimate from the Bureau of Economic Analysis.
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