Q2 GDP Growth Revised Down To 1.3%

According to the Bureau of Economic Analysis ("BEA") of the US Department of Commerce, US real GDP increased at an annualized rate of 1.3% in Q2 2012.

Estimates for Q2 GDP growth looked like this:

Advance Estimate - 1.5%
Second Estimate - 1.7%
Third Estimate - 1.3%

The third estimate is the most accurate as it draws from the most complete source of data.

GDP growth over the last four quarters has looked like this:

Q2 2012 - 1.3%
Q1 2012 - 2.0%
Q4 2011 - 4.1%
Q3 2011 - 1.3%

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According to the BEA, the "deceleration in real GDP in the second quarter primarily reflected decelerations in PCE, in nonresidential fixed investment, and in residential fixed investment that were partly offset by smaller decreases in federal government spending and in state and local government spending in an acceleration in exports."

PCE, or personal consumption expenditures, increased 1.5% in the second quarter of 2012, down from 2.4% in the previous quarter.

Source: BEA.gov - Gross Domestic Product (Third Estimate)

Source: Historical GDP Numbers

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