Commerce Secretary Statement on Real GDP in Second Quarter of 2010
On July 30, 2010, the Commerce Department’s Bureau of Economic Analysis released the first estimate of gross domestic product for the second quarter of 2010. Real GDP grew 2.4 percent at an annual rate in the second quarter, following a…
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gain of 3.7 percent in the first quarter. The annual revision to the national accounts increased the total fall in real GDP during the recession from 3.7 percent to 4.1 percent. The economy has grown 3.2 percent from a year ago. “Today's data shows us that the recession was steeper than initially estimated,” Commerce Secretary Locke said.