Q1 2024 GDP Revised Up Slightly to 1.4%

Washington, DC, June 27, 2024-Real gross domestic product (GDP) increased at an annual rate of 1.4% in Q1 2024, according to the third estimate released by the Bureau of Economic Analysis. In Q4 2023, real GDP increased 3.4%.

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 1.3%. The upward revision primarily reflected a downward revision to imports, which are a subtraction in the calculation of GDP, and upward revisions to nonresidential fixed investment and government spending. These revisions were partly offset by a downward revision to consumer spending.