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Real GDP Slumps to 1.6 percent, Commerce Department Reports

Real GDP was measured at 1.6 percent in a second estimate by the Department of Commerce, the Bureau of Economic Analysis reports. In the first quarter of the year, real GDP grew by 3.7 percent, and by 1.7 percent in the second quarter.

The increase in real GDP is attributed to personal consumption, exports, private inventory investment, and federal government spending, among other criteria. The deceleration is attributed to an uptick in imports and a steep decline in private inventory investments.

Motor vehicle output dropped the second quarter change in real GDP by 0.06 percent, after boosting it by nearly three-quarters of a percentage point in the first quarter.

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