US Gross Domestic Product increased by 6.5% in the second quarter of 2021 reflecting continued economic recovery and government responses related to Covid-19 pandemic.
Source: Bureau of Economic Analysis.
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The increase in real GDP in the 2nd quarter reflected an increase in personal consumption expenditures, nonresidential fixed investment, and exports.
US state and local government spending were partly offset by decreases in private inventory investment, residential fixed investment, and federal government spending. The increase in exports over the quarter reflected an increase in goods and services, led by travel services.
The annual current-dollar GDP rose by 13%, which is $684.4 billion in the second quarter to $22.72 trillion. The price index for gross domestic purchases increased by 5.7% in the second quarter compared with an increase of 3.9% in the first quarter.
Personal income decreased by $1.32 trillion in 2nd quarter, in contrast to $2.33 trillion in 1st quarter, caused by decrease in government social benefits.