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BEA estimates US GDP to have risen 2.1% in Q2 2019

Jul '19
Pic: Shutterstock
Pic: Shutterstock
The real gross domestic product (GDP) increased at an annual rate of 2.1 per cent in the second quarter of 2019, the Bureau of Economic Analysis, US department of commerce said in its 'advance' estimate for the quarter. However, there was deceleration in the real GDP compared to the first quarter, when real GDP increased 3.1 per cent, the bureau said.
The bureau's second-quarter advance estimate is based on source data that are incomplete or subject to further revision by the source agency.
“The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, and state and local government spending that were partly offset by negative contributions from private inventory investment, exports, non-residential fixed investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased,” the report said.
“The deceleration in real GDP in the second quarter reflected downturns in inventory investment, exports, and non-residential fixed investment. These downturns were partly offset by accelerations in PCE and federal government spending,” the report added.
During April-June 2019 quarter, current-dollar GDP increased 4.6 per cent or $239.1 billion to a level of $21.34 trillion. In the first quarter, current-dollar GDP increased 3.9 per cent or $201.0 billion.
The price index for gross domestic purchases increased 2.2 per cent in the second quarter, compared with an increase of 0.8 per cent in the first quarter. Likewise, the PCE price index increased 2.3 per cent, compared with an increase of 0.4 per cent. Excluding food and energy prices, the PCE price index increased 1.8 per cent, compared with an increase of 1.1 per cent. (RKS)

Fibre2Fashion News Desk – India

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