WASHINGTON –Driven by a rise in exports, the nation's gross domestic product increased by 3.3% in the second quarter, up from an original estimate of 1.9%, the Commerce Department reported today.
Exports rose 13.2 percent in the second quarter, compared with the government's original estimate of 9.2 percent. That compares with a 5.1% rise during the first three months of 2008.
The second quarter saw a 7.6% decrease in imports, compared with an original estimate of a 6.6% decline.
Recommended For You
That figure reflects consumers' reluctance to spend money in light of the nation's economic difficulties. Consumer spending grew at 1.7% during the second quarter, higher than the 1.5% that the department had originally estimates but still considered below average. Consumer spending was up .9% in the first quarter.
Some of the consumer spending was driven by the stimulus checks mailed out between May and July. Without those checks, its not clear what the spending outlook will look like for the rest of the year, in light of consumer anxiety about the economy.
The report also revealed that corporate profits fell 7% from the same period of 2007.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
