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<\/p>\nWashington, DC….Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2019 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1 percent.\u00a0 The Bureau’s second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Advance Estimate” on page 2). The “second” estimate for the second quarter, based on more complete data, will be released on August 29, 2019.<\/p>\n
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The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, and state and local government spending that were partly offset by negative contributions from private inventory investment, exports, nonresidential fixed investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2).<\/p>\n
The deceleration in real GDP in the second quarter reflected downturns in inventory investment, exports, and nonresidential fixed investment. These downturns were partly offset by accelerations in PCE and federal government spending.<\/p>\n
Current-dollar GDP\u00a0increased 4.6 percent, or $239.1 billion, in the second quarter to a level of $21.34 trillion. In the first quarter, current-dollar GDP increased 3.9 percent, or $201.0 billion (table 1 and table 3).<\/p>\n
The\u00a0price index for gross domestic purchases\u00a0increased 2.2 percent in the second quarter, compared with an increase of 0.8 percent in the first quarter (table 4).\u00a0The PCE price index\u00a0increased 2.3 percent, compared with an increase of 0.4 percent. Excluding food and energy prices, the PCE price index increased 1.8 percent, compared with an increase of 1.1 percent.<\/p>\n
Personal Income (table 8)<\/p>\n
Current-dollar personal income\u00a0increased $244.2 billion in the second quarter, compared with an increase of $269.8 billion in the first quarter. Decelerations in compensation and in personal current transfer receipts were partly offset by an upturn in personal income receipts on assets and a deceleration in contributions for government social insurance (a subtraction in the calculation of personal income).<\/p>\n
Disposable personal income\u00a0increased $193.4 billion, or 4.9 percent, in the second quarter, compared with an increase of $190.6 billion, or 4.8 percent, in the first quarter.\u00a0Real disposable personal income\u00a0increased 2.5 percent, compared with an increase of 4.4 percent.<\/p>\n
Personal saving\u00a0was $1.32 trillion in the second quarter, compared with $1.37 trillion in the first quarter. The\u00a0personal saving rate\u00a0— personal saving as a percentage of disposable personal income — was 8.1 percent in the second quarter, compared with 8.5 percent in the first quarter.<\/p>\n<\/div>\n
Source Data for the Advance Estimate<\/p>\n
Information on the source data and key assumptions used for unavailable source data in the advance estimate is provided in a\u00a0Technical Note<\/a>\u00a0that is posted with the news release on BEA’s Web site. A detailed “Key Source Data and Assumptions<\/a>” file is also posted for each release. For information on updates to GDP, see the “Additional Information” section that follows.<\/p>\n Annual Update of the National Income and Product Accounts<\/p>\n The estimates released today also reflect the results of the Annual Update of the National Income and Product Accounts (NIPAs). The update covers the first quarter of 2014 through the first quarter of 2019.<\/p>\n With today’s release, most NIPA tables are available through\u00a0BEA’s Interactive Data application<\/a>\u00a0on the BEA Web site (www.bea.gov<\/a>). See “Information on Updates to the National Income and Product Accounts<\/a>” for the complete table release schedule and a\u00a0summary of results for 2014 through 2018<\/a>, which includes a discussion of\u00a0 methodology changes. A table showing the major current\u2011dollar revisions and their sources for each component of GDP, national income, and personal income is also provided. The August 2019\u00a0Survey of Current Business<\/em>\u00a0will contain an article describing the update in more detail.<\/p>\n