Posted August 26, 2016

Real GDP up 1.1 percent for quarter

Real gross domestic product increased at an annual rate of 1.1 percent in the second quarter of 2016, according to the "second" estimate released by the Bureau of Economic Analysis.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month, which showed the increase in real GDP was 1.2 percent.

In the first quarter, real GDP increased 0.8 percent.

The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE) and exports that were partly offset by negative contributions from private inventory investment, residential fixed investment, state and local government spending and nonresidential fixed investment.