Monday, March 17, 2014
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Second Quarter GDP Revised Up to 1 7
In its second estimate the Bureau of Economic Analysis revised up its initial estimate of second quarter real GDP growth from 1.5% to 1.7%. Despite the upward revision, GDP growth slowed in the second quarter from 2.0% growth in the first quarter. GDP growth in the second quarter remains the slowest pace seen since the third quarter of last year.
The primary difference between the first and second estimate was a boost in consumption seen in the second estimate. Consumption contributed 1.20% to growth in the second quarter after contributing only 1.05% in the initial estimate. Fixed investment and inventories contributed slightly less to the second estimate than was seen in the first.
The slowing from the first quarter to the second was primarily a result of a slowing in durable goods consumption and construction growth. Consumer spending on durable goods was particularly strong in the first quarter.
Read the BEA release.
Second Quarter GDP Revised Up to 1 7
The primary difference between the first and second estimate was a boost in consumption seen in the second estimate. Consumption contributed 1.20% to growth in the second quarter after contributing only 1.05% in the initial estimate. Fixed investment and inventories contributed slightly less to the second estimate than was seen in the first.
The slowing from the first quarter to the second was primarily a result of a slowing in durable goods consumption and construction growth. Consumer spending on durable goods was particularly strong in the first quarter.
Read the BEA release.