Friday, May 26, 2017

First quarter GDP growth revised up from 0.7 to 1.2 percent in second estimate

Real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the first quarter of 2017 according to the "second" estimate released by the Bureau of Economic Analysis. In the advance estimate, the increase in real GDP was 0.7 percent.  In the fourth quarter, real GDP increased 2.1 percent.

The GDP estimate released today is based on more complete source data than were available for the
"advance" estimate issued last month.

With this second estimate for the first quarter, the general picture of economic growth remains the same; increases in nonresidential fixed investment and in personal consumption expenditures (PCE) were larger and the decrease in state and local government spending was smaller than previously estimated. These revisions were partly offset by a larger decrease in private inventory investment.

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