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The annualized percent change in real GDP for the second quarter of 2013 was revised up from 1.7 to 2.5 percent. Primarily contributing to the upward revision were positive revisions to net exports and inventories. On a year-over-year basis, real GDP has increased 1.6 percent.
The contribution of changes in private inventories to GDP growth was revised up from 0.4 to 0.6 percent, and the contribution of net exports was revised up from −0.8 to 0.0 percent. Exports are now estimated to have increased 8.6 percent during the quarter, compared with a prior estimated increase of 5.4 percent, while imports are estimated to have increased just 7.0 percent, compared with a prior estimated increase of 9.4 percent.
Personal consumption expenditures were essentially unrevised, increasing 1.8 percent and contributing 1.2 percentage points to GDP growth. The increases in both residential and business fixed investment were revised down slightly. Residential investment increased 12.9 percent and business fixed investment increased 4.4 percent, which compares with prior estimates of 13.4 and 4.6 percent, respectively. Overall, private fixed investment contributed 0.9 percentage points to GDP growth in the second quarter. Government spending was revised down from a 0.4 percent decline to a 0.9 percent decline, which subtracted an additional 0.1 percentage points from second quarter growth.