U.S. GDP Revised Lower to 1.3% in Q2; Record Drought Hits Farms, Imports Rise

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Go back to U.S. GDP Revised Lower to 1.3% in Q2; Record Drought Hits Farms, Imports Rise

GROSS DOMESTIC PRODUCT: SECOND QUARTER 2012 (THIRD ESTIMATE)

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.3 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the "third" estimate released by the Bureau of Economic Analysis.