Q1 GDP Revised from 1.5% Decline to 1.6% Decline in Third Estimate

Washington, DC, June 29, 2022-Real gross domestic product (GDP) decreased at an annual rate of 1.6% in Q1 2022, according to the third estimate released by the Bureau of Economic Analysis. In Q4 2021, real GDP increased 6.9%.

The third estimate of GDP released today is based on more complete source data than were available for the second estimate issued last month.  In the second estimate, the decrease in real GDP was 1.5%. The update primarily reflects a downward revision to personal consumption expenditures (PCE) that was partly offset by an upward revision to private inventory investment.