First Quarter GDP Estimate Revised Higher

Washington, DC, June 25, 2009–The Commerce Department revised its estimate for first-quarter gross domestic product to negative 5.5%.

A month ago, the government had estimated GDP fell at a 5.7% pace in the January-through-March quarter. The government revises the estimates as it obtains more complete data not available earlier.

Economists were forecasting that the final estimate for first quarter GDP would be unchanged at a negative 5.7%. They expect the economy to contract 1.5% annualized in the second quarter and to grow 1.3% in the quarter that begins July 1. See Economic Calendar.