2005 Q2 GDP up 3.4%

Real GDP increased at an annual rate of 3.4% this quarter.

GDP from past quarters has been revised downward somewhat.

For 2001-2004, real GDP grew at an average annual rate of 2.8 percent, 0.3 percentage point less than in the previously published estimates. The average annual rate of growth of real GDP from 2001:IV to 2005:I is 3.3 percent, 0.2 percentage point less than in the previously published estimates.

And inflation in past quarters has been revised up slightly.

The percent change from the preceding year in the price index for gross domestic purchases was revised up for all 3 years: From 1.5 percent to 1.6 percent for 2002, from 2.0 percent to 2.2 percent for 2003, and from 2.4 percent to 2.9 percent for 2004.