Market Review, July 2013

Publication Date: 

August 2013


U.S. real GDP grew at an annual rate of 1.7% during the second quarter of 2013 according to the advance estimate. This was higher than the consensus forecast of 1%, but sluggish by historical standards. The increase in real GDP primarily reflected positive contributions from personal consumption expenditures, exports and non-residential fixed investment. Negative contributions came from federal government spending and imports. At the same time, first quarter real GDP growth was revised down to 1.1% from 1.8% (previously revised from 2.4% to 1.8%). Nominal GDP grew at an annual rate of 2.4% during the second quarter. It has been below 3% for four of the previous five quarters.