Real gross domestic product rose 1.2 percent during the second quarter of 2016, according to preliminary data from the national Bureau of Economic Analysis.
That’s an improvement from the first quarter, when the GDP grew .8 percent.
The figures are an estimate — based on a number of economic data that are not yet finalized — and the second estimate will be released Aug. 26.
The increase was driven by consumer purchases and exports, the agency said, while imports — a subtraction in the GDP calculations — decreased in the second quarter.
Offsetting the increases were negative contributions from private inventory investment, nonresidential fixed investment, residential fixed investment and state and local government spending, the BEA said.
“The acceleration in real GDP growth in the second quarter reflected an acceleration in [consumer purchases], an upturn in exports and smaller decreases in nonresidential fixed investments and in federal government spending,” the report said. “Current-dollar GDP increased 3.5 percent or $155.9 billion, in the second quarter to a level of $18,437.6 billion. in the first quarter, current dollar GDP increased 1.3 percent or $58.9 billion.”
The report also said current dollar personal income increased $111.4 billion in the second quarter, compared with an increase of $52.8 billion in the first quarter — ther esult of increases in wages, personal dividends and farm incomes.
Disposal income for individuals increased $106.3 billion or 3.1 percent in the second quarter, compared to an increase of $83.4 billion in the firs, the report said.
Personal savings total $763.1 billion, compared with $847.8 billion in the first quarter, The savings rate was 5.5 percent in the second quarter.