June 25, 2009
Q1 GDP Shrinks 5.5%
By Matthew L. Brown
National real gross domestic product (GDP) decreased at an annual rate of 5.5 percent in the first quarter, compared to the fourth quarter of 2008, according to the U.S. Bureau of Economic Analysis.
GDP is the output of goods and services produced by labor and property located in the United States.
In the fourth quarter, GDP decreased by 6.3 percent compared to the prior quarter.
Lagging exports and softness in equipment, software and other inventory investment brought the GDP down during the quarter. Personal consumption expenditures increased, however.
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