GDP Revised Down to a 5% Decrease for Q1

Washington, DC, May 28, 2020-Real gross domestic product (GDP) decreased at an annual rate of 5.0% in the first quarter of 2020, according to the second estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.1%.

The GDP estimate released today is based on more complete source data than were available for the advance estimate issued last month. In the advance estimate, the decrease in real GDP was 4.8%. With the second estimate, a downward revision to private inventory investment was partly offset by upward revisions to personal consumption expenditures and nonresidential fixed investment.