GDP Revised Up to 1.1% in Third Q1 Estimate
Washington, DC, June 28, 2016—Real
gross domestic product increased at an annual rate of 1.1% in the
first quarter of 2016, according to the third estimate released by the Bureau
of Economic Analysis.
In the fourth quarter of 2015,
real GDP increased 1.4%.
The GDP estimate released today
is based on more complete source data than were available for the second
estimate issued last month. In the
second estimate, the increase in real GDP was 0.8%.
With the third estimate for the
first quarter, the general picture of economic growth remains the same; exports
increased more than previously estimated.
The increase in real GDP in the
first quarter reflected positive contributions from personal consumption expenditures
(PCE), residential fixed investment, state and local government spending, and
exports that were partly offset by negative contributions from nonresidential
fixed investment, private inventory investment, and federal government
spending. Imports, which are a subtraction in the calculation of GDP, decreased.
The deceleration in real GDP in
the first quarter primarily reflected a deceleration in PCE, a larger decrease
in nonresidential fixed investment, and a downturn in federal government
spending that were partly offset by upturns in state and local government
spending and exports and an acceleration in residential fixed investment.
Real gross domestic income (GDI)
increased 2.9% invthe first quarter, compared with an increase of 1.9% in the
The average of real GDP and real
GDI, a supplemental measure of U.S. economic activity that equally weights GDP
and GDI, increased 2.0% in the first quarter, compared with an increase of 1.7%
in the fourth.