First Quarter GDP Revised Slightly Higher

Washington, DC, June 24, 2011 -- Gross Domestic Product growth was revised slightly higher in the first quarter to include a slightly faster pace of restocking by businesses and a smaller increase in imports, according to the Commerce Department.

GDP growth rose at annual rate of 1.9 percent, up from the previously estimated 1.8 percent. The revision was in line with economists' expectations.

The economy expanded at a 3.1 percent rate in the fourth quarter.

First-quarter growth was supported by stronger than previously estimated accumulation of business inventories, slower imports and a smaller decline in residential construction, while the increase in business spending was revised lower.

Consumer spending -- which accounts for more than two-thirds of U.S. economic activity -- grew at an unrevised 2.2 percent rate.