Q1 GDP Revised Down Slightly to 3.1% in Second Estimate
Washington, DC, May 30, 2019-Real gross domestic product (GDP) increased at an annual rate of 3.1% in the first quarter of 2019, according to the second estimate released by the Bureau of Economic Analysis.
In the fourth quarter, real GDP increased 2.2%.
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 increase in real GDP in the first quarter was 3.2%. Today's estimate reflects downward revisions to nonresidential fixed investment and private inventory investment and upward revisions to exports and personal consumption expenditures. Imports, which are a subtraction in the calculation of GDP, were revised up; the general picture of economic growth remains the same.