The real gross domestic product (GDP) of the US economy increased at an annual pace of 6.6% in the second quarter of 2021, higher than 6.3% in the first quarter.
- The improvement in the second quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic.
- The second-quarter results were backed by an increase in government assistance payments in the form of loans to businesses and grants to state and local governments, but social benefits to households declined.
- The US current dollar GDP increased by 13.2% at an annual rate, or $693.2 billion in the second quarter, to a level of $22.73 trillion. GDP increased by 10.9%, or $560.6 billion.
The real gross domestic income increased 1.6% in Q2, compared with an increase of 6.3% in the first quarter. The average real GDP increased 4.0% in the second quarter, compared with an increase of 6.3% in the first quarter.
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Source: U.S. Department of Commerce