Manufacturing & The Economy
GDP increased at an annual rate of 2.5% in the second quarter of 2013, according to the second estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.1%.
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 1.7%. With this second estimate for the second quarter, the increase in exports was larger than previously estimated, and the increase in imports was smaller than previously estimated.
The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed investment, and residential fixed investment that were partly offset by a negative contribution from federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.