Q1 GDP Revised Down to 1.3% in Second Estimate

Washington, DC, May 30, 2024-Real gross domestic product (GDP) increased at an annual rate of 1.3% in Q1, according to the second 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 advance estimate issued last month. In the advance estimate, the increase in real GDP was 1.6%. 

The increase in real GDP primarily reflected increases in consumer spending, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.