US GDP for the second quarter revised upward to 2.5%

29 August 2013 16:29  [Source: ICIS news]

HOUSTON (ICIS)--The US economy grew at a faster pace in the second quarter than previously estimated, the Commerce Department said on Thursday, with exports revised upward and imports revised downward.

US GDP increased at a 2.5% annual rate in the second quarter, up from the department’s estimate released in July of 1.7%. GDP in the first quarter of 2013 was at a 1.1% rate.

The jump in the GDP estimate was based on more positive numbers in personal consumption expenditures, exports, private inventory investment, as well as residential and nonresidential fixed investments, the department said.

However, cuts in federal spending and imports were a drag on GDP, the department said.

The gross domestic purchases price index, which measures prices paid by US residents, increased 0.3% in the second quarter, a rate that was unchanged in the department’s second look at Q2 statistics. The Q1 rate was 1.2%.

The increase in GDP comes as the US economy faces contentious federal budget talks in September between Congress and President Barack Obama, as well as the possibility of the Federal Reserve beginning to scale back the monthly bond purchases it has been making to help stimulate the economy.


By: Jeremy Pafford
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index