Finalized Q2 GDP Growth at 2.5%
In the Commerce Department's third and final estimate for Q2 2013 GDP growth, released (link opens as PDF) today, real GDP growth remained at 2.5%, the same number previously estimated by the Department.
After Q2 real GDP quarter-to-quarter growth was originally estimated at 1.7% in late July, August's revision upped the ante for our nation's economic recovery to 2.5%, above and beyond analysts' 2.2% estimate.
But the third time around apparently isn't always the charm. Although the Commerce Department kept the number at 2.5% growth, analysts had predicted an upward revision to 2.7%. Regardless, Q2's growth far outweighs the first quarter's real GDP growth of 1.1%.
While "the general picture of economic growth remains largely the same," according to the report, private inventory investment and exports were revised downward, while state and local government spending increased more than previously expected. Generally speaking, the biggest movers and shakers from Q1 to Q2 were durable goods (up 6.2%), gross private domestic investment (up 9.2%), exports (up 8%), and imports (up 6.9%).
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