05.30.2019
Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the first quarter of 2019 according to the ""second"" estimate released by the Bureau of Economic Analysis. In the fourth quarter real GDP increased 2.2 percent. The GDP estimate released today is based on more complete source data than were available for the ""advance"" estimate issued last month. In the advance estimate the increase in real GDP in the first quarter was 3.2 percent. Today's estimate reflects downward revisions to nonresidential fixed investment and private inventory investment and upward revisions to exports and personal consumption expenditures (PCE). Imports which are a subtraction in the calculation of GDP were revised up; the general picture of economic growth remains the same.
The increase in real GDP in the first quarter reflected positive contributions from PCE private inventory investment exports state and local government spending and nonresidential fixed investment that were partly offset by a negative contribution from residential fixed investment. Imports which are a subtraction in the calculation of GDP decreased.
The acceleration in real GDP in the first quarter reflected an upturn in state and local government spending accelerations in private inventory investment and in exports and a smaller decrease in residential investment. These movements were partly offset by decelerations in PCE and nonresidential fixed investment and a downturn in federal government spending. Imports turned down.
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