White House Blog Post: Advance Estimate of GDP for the Second Quarter of 2012 and Annual Revision

<b>Advance Estimate of GDP for the Second Quarter of 2012 and Annual Revision</b>

Today’s report shows that the economy posted its twelfth straight quarter of positive growth, as real GDP (the total amount of goods and services produced in the country) grew at a 1.5 percent annual rate in the second quarter of this year, according to the “advance” estimate released by the Bureau of Economic Analysis.  Over the last three years, the economy has expanded by 6.7 percent overall, and the private components of GDP have grown by 9.9 percent.  While the economy continues to move in the right direction, additional growth is needed to replace the jobs lost in the deep recession that began at the end of 2007.

Photo: Pres.Obama, V. P. Joe Biden meet with senior advisors in the Oval Office to discuss the shooting in Aurora, Colo., July 20, 2012. (Official White House Photo by Pete Souza)