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Posted by: thepinetree on 09/30/2010 07:00 AM Updated by: thepinetree on 10/02/2010 09:55 AM
Expires: 01/01/2015 12:00 AM
:

BEA Revises First Quarter GDP Up to 3.7%

Washington, DC...Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.7 percent in the second quarter of 2010, (that is, from the first quarter to the second quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7 percent...

The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.6
percent (see "Revisions" on page 3).

The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures, nonresidential fixed investment, exports, private inventory
investment, federal government spending, and residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, increased.

The deceleration in real GDP in the second quarter primarily reflected a sharp acceleration in
imports and a sharp deceleration in private inventory investment that were partly offset by an upturn in
residential fixed investment, accelerations in nonresidential fixed investment and in federal government
spending, and an upturn in state and local government spending.

Final sales of computers added 0.03 percentage point to the second-quarter change in real GDP
after adding 0.10 percentage point to the first-quarter change. Motor vehicle output subtracted 0.06
percentage point from the second-quarter change in real GDP after adding 0.74 percentage point to the
first-quarter change.

________________________
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2005)
dollars. Price indexes are chain-type measures.



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