Here comes GDP ...

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The moment of truth is here. The first estimate of second-quarter Gross Domestic Product (GDP) is set for release at 8:30 a.m. ET.

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Economists forecast that the data from the Bureau of Economic Analysis will show the US economy grew 2.5% on an annualized basis, according to Bloomberg.

It's a keenly anticipated data point that comes after a disappointing first quarter in which the economy unexpectedly shrank -0.2%.

"Better consumer spending, solid growth in residential investment, a flattening out in the drag from net exports, and a solid gain in government spending, but still soft business investment, and a modest correction in inventories should combine for a relatively sluggish initial rebound in Q2 GDP growth after the 0.2% decline in Q1," wrote Morgan Stanley in a preview to clients.

Consumer spending, which makes up about two-thirds of GDP, is expected to make a big contribution to the comeback that economists forecast. They estimate that personal consumption grew 2.7%, up from 2.1% in the prior quarter.

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Core personal consumption expenditures (PCE) are expected at 1.6% quarter-on-quarter, versus 0.8% prior.

For the first time, the Bureau of Economic Analysis will release an average of GDP and Gross Domestic Income (GDI) to account for the statistical discrepancy that makes both different. In Q1, GDI, which accounts for incomes from production, rose 1.9% while GDP fell 0.2%.

Today's release from the BEA will also include revisions to previous GDP prints as far back as 2012.

We'll be back with all the details once they cross.

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