Wednesday, April 29, 2015

GDP Fell Sharply to 0.2%

Real GDP growth fell sharply in the first quarter, growing at a 0.2% seasonally adjusted annual rate according to the Bureau of Economic Analysis’s advance estimate. Growth was slower across most GDP components, most notably in exports which declined by 7.2% after a 4.5% increase in the previous quarter.

Personal consumption was the largest positive contributor to GDP—growing by 1.9%, down from 4.4% in the fourth quarter. Nonresidential fixed investment fell by 3.4%, after an increase of 4.7% in the fourth. Investment in nonresidential structures was the most notable fixed investment loss, decreasing by 23.1% after gaining 5.9% last quarter.

Goods exports declined by 13.3%, likely due in part to strengthening dollar values. Imports of goods and services increased by 1.8%, down from 10.4% in the fourth quarter.

Government consumption expenditures rose by 0.3%, compared to a 7.3% fall in the fourth quarter. State and local government expenditures declined by 1.5% after increasing 1.6%

Read the BEA release

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