Real GDP for the second quarter of 2016 grew at an annual rate of 1.4%, according to the Bureau of Economic Analysis’s third estimate, up from the second estimate of 1.1%. The general picture of economic growth remained the same, as revisions to GDP components were small.
The changes reflected minor upward revisions to nonresidential fixed investment, private inventory investment, and exports.
The revision to nonresidential fixed investment was accounted for by an upward revision to structures. The revision to private inventory investment reflected an upward revision to farm inventories, which was partially offset by a downward revision to nonfarm inventories. The revision to exports was due to exports of travel and government goods and services.
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