Gross Domestic Product (GDP): First Estimate for Q2, 2021

Earlier this morning, the Commerce Department's Bureau of Economic Analysis (BEA) released its first estimate for U.S. Real Gross Domestic Product (GDP) for the second quarter of 2021:

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Predicted: +9.0%

• Actual: +6.5%
  
  
• Real Consumer Spending, Quarter-to-Quarter Change: +11.8%

The yellow-highlighted percentage represents the first estimate of the quarter-to-quarter change for Real Gross Domestic Product for the entire United States.

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From Today's Report:

"...Coronavirus (COVID-19) Impact on the Second-Quarter 2021 GDP Estimate

The increase in second quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the second quarter, government assistance payments in the form of loans to businesses
and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined.  The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter because the impacts are generally embedded in source data and cannot be separately identified..."

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The GDP is a very broad measure of economic activity for the entire United States, covering all sectors of the economy. The Commerce Department defines real GDP as, "the output of goods and services produced by labor and property located in the United States."

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CHART: GDP - Q2 2021 - First Estimate

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• Click here to view the full Commerce Department report (PDF).
  
  

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