Q2 GDP Revised Up to 3% Growth in Second Estimate

Washington, DC, August 30, 2017-Real gross domestic product (GDP) increased at an annual rate of 3.0% in the second quarter of 2017, according to the second estimate released by the Bureau of Economic Analysis.

In the first quarter, real GDP increased 1.2%.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.6%. With this second estimate for the second quarter, the general picture of economic growth remains the same; increases in personal consumption expenditures (PCE) and in nonresidential fixed investment were larger than previously estimated. These increases were partly offset by a larger decrease in state and local government spending.