Real GDP for the first quarter of 2016 grew at an annual rate of 1.1%, according to the Bureau of Economic Analysis’s third estimate. First quarter GDP was revised up from the second estimate of 0.8% growth, as consumption was revised downward and exports increased more than previously estimated. During the fourth quarter of 2015, real GDP grew at a rate of 1.4%.
Personal consumption’s GDP contribution was revised down to 1.0% of growth, compared to a 1.3% contribution in the previous estimate. Consumption spending grew by $42.2 billion during the first quarter of 2016.
The drag from fixed investment on GDP was revised down to 0.1% from 0.3% in the previous estimate. Non-residential fixed investment subtracted 0.6% from growth, which was partially offset by a 0.5% contribution from residential fixed investment.
Net exports were revised from a negative contribution of 0.2% to a positive contribution of 0.1%, as exports increased by $1.8 billion during the quarter.
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