September 26, 2008
GDP on the rise
By The Mainebiz News Staff
The country's real domestic gross product -- the output of goods and services produced by labor and property -- increased 2.8% in the second quarter of 2008, the second quarter in a row of positive GDP growth, according to final estimates from the U.S. Bureau of Economic Analysis.
The real GDP growth in the second quarter came from increases in exports, personal spending and federal, state and local government spending. The growth was partly offset by negative contributions from private inventory investment, residential fixed investments and equipment and software. In the first quarter, real GDP increased 0.9%.
Recessions are usually defined by two consecutive quarters of negative GDP growth.
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