GDP Up 1% in Second Quarter

Washington, DC, Aug. 26, 2011 -- Gross Domestic Product grew at a 1% rate in the second quarter, the Commerce Department said Friday morning.

That was slower than the previous estimate of 1.3% but in line with expectations.

First-quarter economic growth was revised to 0.4%.

The department's Bureau of Economic Analysis said the increase in second-quarter GDP was due to “nonresidential fixed investment, exports, personal consumption expenditures (PCE), and federal government spending,” and negative contributions from state and local governments and private inventory investment.

Personal consumption expenditures were up 0.4% in the second quarter, lower than the first quarter’s 2.1% increase.