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US real GDP increases 2.3% in Q2 2015
01
Aug '15
United States real gross domestic product (GDP) increased 2.3 per cent at an annual rate in the second quarter of 2015, which is an increase from a 0.6 per cent annual growth rate in the previous quarter, the US Commerce Department's Bureau of Economic Analysis (BEA) said in its first estimate of GDP growth for the second quarter of 2015.
 
“Today's advance estimate of real GDP growth demonstrates that our economy continues to improve,” said US secretary of commerce Penny Pritzker. “Through our 'Open for Business Agenda,' the Department of Commerce is committed to creating the conditions for continued business and job growth by supporting advanced manufacturing, fostering innovation, increasing trade and investment, and equipping our workers with the skills and training needed to succeed in a competitive global economy.”
 
The second-quarter increase in real GDP mainly reflected an increase in consumer spending on both durable goods, notably motor vehicles and parts, and nondurable goods increased. Spending on services, mainly household services, also increased.
 
Exports, state and local government spending, and residential fixed investment also contributed to the rise in real GDP, the BEA advance estimate said.
 
However, these contributions to the increase in real GDP were partly offset by decreases in federal government spending, inventory investment, and business investment. In addition, imports—a subtraction in the calculation of GDP—increased.
 
BEA also released its 2015 annual revision of the national income and product accounts. For 2011-2014, real GDP rose at an average annual rate of 2.0 per cent; in the previously published estimates, the real GDP growth rate was 2.3 per cent.
 
Meanwhile, prices of goods and services purchased by US residents, i.e. prices of gross domestic purchases increased 1.4 per cent in the second quarter after decreasing 1.6 per cent in the first quarter. Energy prices rose in the second quarter after falling in the first quarter. Food prices declined more than in the first quarter. Excluding food and energy prices, gross domestic purchases prices increased 1.1 per cent in the second quarter after increasing 0.2 per cent in the first quarter, the report showed. (RKS)
 

Fibre2Fashion News Desk – India

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