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July 27, 2018US GDP 2018 Q2 (ADVANCE ESTIMATE) 
The US economy grew at 4.1 per cent (all figures seasonally adjusted annualized rate, chained 2012 dollars) according to the advance estimate, an acceleration from growth of 2.2 per cent reported for the previous quarter. There were positive contributions from personal consumption, exports, nonresidential fixed investment, and government spending that were partially offset by lower inventories and residential investment. Imports, which are a subtraction in GDP calculations, increased for the quarter.
Personal consumption rose 4.0 per cent in the quarter, the fastest pace since 2014, with growth particularly strong in durable goods. Residential investment contracted for the second consecutive quarter. Business investment was up with growth in structures, equipment and intellectual property products while private inventory levels declined. Real exports increased 9.3 per cent, especially in goods shipments while imports were up only 0.5 per cent in the quarter. Government spending increased at both the Federal and State and local level.
US nominal GDP growth (including the impacts of rising prices) was 7.4 per cent in Q2, compared to 4.3 per cent growth reported in 2018Q1. The personal consumption expenditure price index increased 1.8 per cent, lower than the 2.5 per cent increase last quarter.
Note: the US Bureau of Economic Analysis notes that these advance estimates are based on incomplete or preliminary data sources and are subject to revision in subsequent estimates. With this release, the US BEA revised historical GDP data back to 1929 as part of a comprehensive update that incorporates newly available data and estimation methodologies.
Source: US Bureau of Economic Analysis
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