Jun 25: GDP Rises 2.7% - Economic Highlights

GDP Final Q1 Estimates show GDP increased by 2.7%, less than the expected 3.0% increase, following a 3.0% estimated increase in the preliminary Q1 estimate (today’s release is based on a more complete set of data), after increasing by 5.6% in the fourth quarter and by 2.2% in the third quarter of 2009. The increase in real GDP in the first quarter primarily reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), nonresidential fixed investment, and exports. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the first quarter primarily reflected decelerations in private inventory investment and in exports, a downturn in residential fixed investment, a deceleration in nonresidential fixed investment, and a larger decrease in state and local government spending that were partly offset by an acceleration in PCE.

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