Q1 GDP Adjusted Up to 0.8% in Second Estimate

Washington, DC, May 27, 2016—Real gross domestic product increased at an annual rate of 0.8% in the first quarter of 2016, according to the second estimate released by the Bureau of Economic Analysis.

In the fourth quarter, real GDP increased 1.4%.

The GDP estimate released is based on more complete source data than were available for the advance estimate issued last month. In the advance estimate, the increase in real GDP was 0.5%.

With the second estimate for the first quarter, the decrease in private inventory investment was smaller than previously estimated.

The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), residential fixed investment, and state and local government spending that were partly offset by negative contributions from nonresidential fixed investment, exports, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, decreased.