Real gross domestic product (GDP) decreased at an annual rate of 0.6% in the second quarter of 2022, according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 1.6 percent, the Bureau of Economic Analysis of the United States of America stated.
The second estimate was lower than the advance estimate of 0.9% and slightly lower than the consensus of 0.8%.
The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, and state and local government spending, that were partly offset by increases in exports and consumer spending. Imports, which are a subtraction in the calculation of GDP, increased