Final GDP report shows 3.8 percent increase in 2Q

Filed under: Daily News |

Real gross domestic product – the output of goods and services produced by U.S. labor and property – increased at an annual rate of 3.8 percent during the second quarter, according to final estimates from the Bureau of Economic Analysis.

During the first quarter, real GDP increased 0.6 percent.

The acceleration in real GDP growth in the second quarter primarily reflected a downturn in imports, upturns in federal government spending and in private inventory investment, accelerations in exports, in nonresidential structures, and in equipment and software, and a smaller decrease in residential fixed investment that were partly offset by a notable deceleration in personal consumption expenditures.

The continued weakening of the dollar in relation to other currencies contributed to both a decline in imports and to increased exports, both of which positively affected GDP numbers.