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July 28, 2017US GDP 2017 Q2 (ADVANCE ESTIMATE) 
In the second quarter of 2017, the US economy grew at an annualized rate of 2.6 per cent, according to the advance estimate from the Bureau of Economic Analysis. Growth was accelerated compared to Q1, when real GDP grew by 1.2 per cent (revised). Real expenditures grew for nonresidential fixed investment, exports, residential fixed investment, personal consumption expenditures, and federal government. Negative contributions to growth came from decreases in private residential investment, inventory investment and state and local government and an increase in imports. Net exports declined by 4.6 per cent on the quarter, after declining by 5.5 per cent in Q1 2017. Exports over the last two quarters have been up $4.4 trillion, while imports were $5.6 trillion.
ANNUAL REVISIONS
The percent change in real GDP was revised up 0.2 percentage points for 2014, was revised up 0.3 percentage points for 2015, and was revised down 0.1 percentage points for 2016.
For 2014, upward revisions to nonresidential fixed investment, inventory investment, and state and local government spending were partly offset by an upward revision to imports.
For 2015, upward revisions to personal consumption expenditures (PCE), inventory investment, exports, and nonresidential fixed investment were partly offset by downward revisions to state and local government spending and to residential fixed investment, and by an upward revision to imports.
For 2016, downward revisions to exports, federal government spending, and inventory investment were partly offset by an upward revision to state and local government spending.
The revisions to the annual estimates typically reflect partly offsetting revisions to the quarters within the year.
Next release: August 30, 2017
Gross Domestic Product: Second Quarter 2017 (Second Estimate)
Corporate Profits: Second Quarter 2017 (Preliminary Estimate)
Source: US Bureau of Economic Analysis
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