GDP and the Economy: Third Estimates for the Second Quarter of 2012

摘要

REAL GROSS domestic product (GDP) increased at an annual rate of 1.3 percent in the second quarter of 2012, according to the third estimates of the national income and product accounts (NIPAs) (chart 1 and table l). In the first quarter, real GDP increased 2.0 percent. The third estimate of real GDP growth was revised down 0.4 percentage point from the second estimate, primarily reflecting downward revisions to inventory investment (mainly farm inventories), to consumer spending (mainly services), and to exports (also mainly services). 2 (See "Revisions to GDP" on page 3 and "Effects of the 2012 Midwest Drought on the NIPA Estimates" on page 6.).