Statement From U.S. Commerce Secretary Penny Pritzker on the Second Estimate of GDP for the Second Quarter Of 2015

The U.S. Commerce Department’s Bureau of Economic Analysis today released its second estimate of gross domestic product (GDP) growth for the second quarter of 2015. Real GDP rose 3.7 percent at an annual rate in the second quarter, well above the first quarter’s 0.6 percent pace and the BEA’s initial second-quarter estimate of 2.3 percent growth. The increase in real GDP in the second quarter reflected positive contributions from all of the major categories that comprise this measure, including personal consumption expenditures (PCE), exports, state and local government spending, nonresidential fixed investment, residential fixed investment, and private inventory investment.

“Today’s second estimate of real GDP demonstrates sustained economic growth driven by consumer spending and business investment,” said U.S. Secretary of Commerce Penny Pritzker. “While we have made substantial progress, we have more work to do to expand market access for U.S. goods and services, support innovation and advanced manufacturing, and ensure that our workers are equipped with the skills needed to succeed in 21st century jobs. The Department of Commerce and our entire Administration are committed to taking action on these policies, which will build on our momentum and maintain America’s competitiveness in the global economy.”