US Real GDP Increases at an Annual Rate of 2.8% in Q2, BEA Says in “Advance” Estimate
Gross Domestic Product, Second Quarter 2024 (Advance Estimate)
On Thursday, the Bureau of Economic Analysis (BEA) released its “advance” estimate for Q2 real gross domestic product (GDP). According to the report, real GDP increased at an annual rate of 2.8% in Q2, following an increase of 1.4% in Q1.
The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
Compared to Q1, the acceleration in real GDP in Q2 primarily reflected an upturn in private inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in residential fixed investment.
The “advance” estimate is based on source data that are incomplete or subject to further revision. The “second” estimate, based on more complete data, will be released on August 29th.
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