Q2 GDP Declined 0.6%, According to Third Estimate
Washington, DC, September 29, 2022-Real gross domestic product (GDP) decreased at an annual rate of 0.6% in Q2 2022, according to the third estimate released by the Bureau of Economic Analysis. In Q1, real GDP decreased 1.6%.
The third estimate of GDP is based on more complete source data than were available for the second estimate issued last month. In the second estimate, the decrease in real GDP was also 0.6%. The update primarily reflected an upward revision to consumer spending that was offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down.