Q1 GDP Revised Upward

Washington, DC, June 24, 2015—Real gross domestic product—the value of the production of goods and services in the United States, adjusted for price changes—decreased at an annual rate of 0.2% in the first quarter of 2015, according to the third estimate released by the Bureau of Economic Analysis. 

In the second estimate, the decrease in real GDP was 0.7%. The latest GDP estimate is based on more complete source data than were available for the second estimate issued last month. 

In the fourth quarter, real GDP increased 2.2%.

The decrease in real GDP in the first quarter primarily reflected negative contributions from exports, nonresidential fixed investment, and state and local government spending that were partly offset by positive contributions from PCE, private inventory investment, and residential fixed investment.

Imports, which are a subtraction in the calculation of GDP, increased.