June 20, 2012
U.S. GDP Growth Revised Down For Q1
The growth that the United States had in its goods and services output in the first quarter of the year was not as high as the government initially thought.
The U.S. Bureau of Economic Analysis (BEA) released its second estimate of real gross domestic product (GDP) growth for the quarter, today, dropping it 0.3 percentage points from the advance estimate, to 1.9 percent.
The BEA said the adjustment reflects a downward revision in inventory investment, state and local government spending, and consumer spending, and an upward revision to imports.
In the fourth quarter of 2011, GDP grew by 3 percent.
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