Real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2019 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1%.
The Bureau's second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2). The "second" estimate for the second quarter, based on more complete data, will be released on August 29, 2019.
The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, and state and local government spending that were partly offset by negative contributions from private inventory investment, exports, nonresidential fixed investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2).
The deceleration in real GDP in the second quarter reflected downturns in inventory investment, exports, and nonresidential fixed investment. These downturns were partly offset by accelerations in PCE and federal government spending.
Current-dollar GDP increased 4.6%, or $239.1 billion, in the second quarter to a level of $21.34 trillion. In the first quarter, current-dollar GDP increased 3.9%, or $201.0 billion (table 1 and table 3).
The price index for gross domestic purchases increased 2.2% in the second quarter, compared with an increase of 0.8% in the first quarter (table 4). The PCE price index increased 2.3%, compared with an increase of 0.4%. Excluding food and energy prices, the PCE price index increased 1.8%, compared with an increase of 1.1%.
Updates for the First Quarter of 2019
For the first quarter of 2019, real GDP is estimated to have increased 3.1% (table 1), the same as previously published. Downward revisions to exports, state and local government spending, and private inventory investment were offset by upward revisions to PCE and federal government spending.
For the period of expansion from the second quarter of 2009 to the first quarter of 2019, real GDP increased at an annual rate of 2.3%, the same as previously published.
Real GDI is now estimated to have increased 3.2% in the first quarter (table 1); in the previously published estimates, first-quarter GDI was estimated to have increased 1.0%.
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