GDP Q1 Increase Lower Than Estimated
According to the second estimate released today by the U.S. Bureau of Economic Analysis, the country's gross domestic product (GDP) increased at an annual rate of 1.9 percent in the first quarter of 2012 over the fourth quarter of last year.
In the fourth quarter, real GDP, the output of all goods and services produced in the United States, increased 3 percent.
The bureau said that data released today is based on more complete information that was available for the advance estimate last month which said the GDP increase was 2.2 percent, $11.4 billion lower than the advance estimate. The bureau said that mostly reflected a downward revision to
private inventory investment, an upward revision to imports, and downward revisions to state and local government spending.
The increase in real GDP in the first quarter was mainly due to positive contributions from personal consumption (up 2.7 percent), exports (up 7.2 percent), residential fixed investment (up 19.4 percent), and nonresidential fixed investment (up 1.9 percent) that were partly offset by negative contributions from federal, state and local government spending (down 2.5 percent). Imports, which are a subtraction in the calculation of GDP, increased 6.1 percent.
Durable goods increased 14.3 percent and nondurable goods 2.3 percent
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