Real gross domestic product increased at an annual rate of 1.1% in the second quarter of 2016, according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.8%.
The GDP estimate released today is based on more complete source data than were available for the"advance" estimate issued last month. In the advance estimate, the increase in real GDP was 1.2%. With this second estimate for the second quarter, the general picture of economic growth remains the same; revisions to the components of GDP are small .
Real gross domestic income (GDI) increased 0.2% in the second quarter, compared with an increase of 0.8% in the first (revised). The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 0.6% in the second quarter, compared with an increase of 0.8% in the first (table 1).
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. Imports, which are a subtraction in the calculation of GDP, increased.