U.S. Real Gross Domestic Product

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U.S. Real Gross Domestic Product

Advance estimate for the U.S. real gross domestic product (GDP) increased at an annual rate of 6.5 percent in the second quarter of 2021, as released by the Bureau of Economic Analysis (BEA). In the first quarter of 2021, real GDP increased 6.3 percent.

The increase in real GDP in the second quarter reflected increases in personal consumption expenditures (PCE), nonresidential fixed investment, exports, and state and local government spending that were partly offset by decreases in private inventory investment, residential fixed investment, and federal government spending. The increase in second quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined.

The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the first quarter of 2021 because the impacts are generally embedded in source data and cannot be separately identified. For more information, see the BEA’s report.

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