The advance estimate for Q2 Gross Domestic Product (GDP) will be released on Friday and is widely expected to confirm that the economy slowed from a downwardly revised annual rate of 2.7% in Q1 to 2.5%, according to Bloomberg News.

Consumer spending, which accelerated in the first three months of 2010, has slowed, and inventory accumulation, which powered growth in the final quarter of 2009, has also showed signs of abating.

Home sales and housing starts have cratered in the wake of the expiration of the home buyer’s tax credit. And though the steep decline is likely temporary, new residential construction may fizzle out in the quarter just ended.

Additionally, May’s increase in the trade gap could also negatively impact early data.

Q2 GDP, however, is backward looking and provides a snapshot of how the economy fared during April, May and June. Much of June’s data is not yet in, and the first look at GDP will be subject to revisions.

Fed Chairman Ben Bernanke, in his recent testimony before Congress, discussed actions the central bank could take to prop up a faltering economy, while conceding that “the economic outlook remains unusually uncertain.”