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GDP

Latest Commerce Figures Show Accelerating Economic Growth and Smaller Trade Gap

The latest economic figures released by the Commerce Department's Bureau of Economic Analysis (BEA) indicate that real Gross Domestic Product increased 2.6% (annual rate) in the second quarter, in line with expectations. This represents an acceleration over the previous two quarters, each of which saw growth of below 2%. The bulk of last quarter's growth was due to personal consumption expenditures which contributed 1.9 percentage points to this increase, while private nonresidential fixed investment contributed 0.6 percentage points, on the strength of business' investment in industrial and information processing equipment. The past two quarters have been the strongest for business investment since 2014. The other components of GDP contributed little to last quarter's growth: net exports (0.2 points), and government consumption and investment (0.1), and change in private inventories (0.0 points). 

Timelier, more accurate data: the Commerce Department’s statistical agencies deliver on promise of better data for better decision-making

The Economics and Statistics Administration’s family of statistical agencies – the Bureau of Economic Analysis (BEA) and U.S. Census Bureau – are announcing an important new initiative that will lead to an acceleration of key trade data as well as improved accuracy of the advance estimate of Gross Domestic Product (GDP). GDP is widely considered the most important measure of the U.S. economy.

Highlights of U.S. Economic Growth in 2014

Photo of Under Secretary Mark Doms on a conference call.Today, I joined Standard and Poor's Chief Economist Beth Ann Bovino to discuss this morning's 2014 Q4 GDP Advance Estimate, which came in at 2.6%. Business Forward hosted the call with a live national audience of more than 150 business leaders and leading economic reporters from across the country.

Statement from U.S. Commerce Department Chief Economist Mark Doms on the Second Estimate of Gross Domestic Product for the First Quarter

WASHINGTON - The U.S. Commerce Department’s Bureau of Economic Analysis today released the second estimate of gross domestic product (GDP) for the first quarter of 2011. Real GDP grew 1.8 percent at an annual rate in the first quarter, unchanged from last month’s advance report and slightly below private-sector expectations of an upward revision. Corporate profits grew by $21.9 billion in the first quarter of 2011 to a level of $1,700.2 billion.

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