Posted at 10:18 AM
Real gross domestic product (GDP) increased 3.0 percent in the second quarter of 2017, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was 0.4 percentage point more than the “advance” estimate released in July. In the first quarter, real GDP increased 1.2 percent.
The second‐quarter increase in real GDP reflected increases in both consumer spending on goods and services as well as increases in business investment, exports and federal government spending.
The increase in consumer spending was led by increases in housing and utilities; other services, notably in communication services; and other nondurable goods, primarily in prescription drugs. The increase in business investment reflected increases in all three components: equipment, intellectual property products, and structures.