WASHINGTON — Real gross domestic product — the output of goods and services produced by labor and property located in the U.S. — increased at an annual rate of 2.5% in the second quarter of 2013, according to the second estimate released by the Commerce Department Thursday.
The GDP growth exceeded the median 2.2% increase projected by economists polled by Thomson Reuters, and was stronger than the 1.1% increase reported in the first quarter of 2013. The advance estimate released in July originally pegged second quarter growth at 1.7%.
The second estimate, also known as the preliminary report, is based on more complete data than the advance estimate, but remains subject to a final revision.
Personal consumption expenditures increased at an annual rate of 1.8% in the second quarter, unchanged from the advance estimate. PCE rose at a 2.3% annual rate in the previous quarter.
Exports of goods and services rose 8.6%, an upward revision from the 5.4% spike reported in the advance estimate. Imports, which are a subtraction from GDP, increased 7.0% in the second quarter of 2013, a downward revision from the 9.5% jump reported in the advance estimate.
The overall GDP increase reflected rises in PCE, exports, private inventory investment, nonresidential fixed investment and residential fixed investment, the Commerce Department said.
Those factors were partly offset by a decline in federal government spending.
The final estimate of GDP growth in the second quarter of 2013, based on more complete data, is scheduled for release Sept. 26.