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Real Gross Domestic Product (GDP) during the second quarter (April through June) of 2003 increased at an annual rate of 3.3 percent. This is the third release of the data for the second quarter and is an increase that is higher than the previously announced 2.4 percent and 3.1 percent. The rate of growth in the second quarter compares to annual rates of 4.0, 1.4, and 1.4 percent in each of the previous three quarters. For the entire 2002 year, real GDP increased at a rate of 2.4 percent. During 2001, real GDP increased by .3 percent - a year in which real GDP fell during the first three quarters. Annual growth rates in 1999 and 2000 were 4.1 percent and 3.8 percent. This announcement received a great deal of attention in the press because it represented more evidence that the economy is recovering from its 2001 recession. The increase in real GDP was largely due to increased consumption spending and national defense spending, with a small increase in investment spending. Productivity of workers is still increasing faster than output and that means that it is unlikely for unemployment to fall soon.
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