US Real GDP Increases at an Annual Rate of 1.5% in Q2, BEA Reports in Its “Advance” Estimate

On Thursday, the Bureau of Economic Analysis (BEA) released its “advance” estimate for Q2 real gross domestic product (GDP), reporting that GDP increased at an annual rate of 1.5%. In Q1, real GDP increased 2.1%.

The annual increase in Q2 primarily reflected gains in consumer spending, investment, and exports, partly offset by a decrease in government spending. Imports, which are subtracted in the calculation of GDP, increased.

The slowdown from Q1 reflected a downturn in government spending and slower growth in investment and exports, partly offset by an acceleration in consumer spending. Imports increased more in Q2 than in Q1.

The “second” estimate for Q2 will be released on August 26.