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Real gross domestic product for the U.S. decreased at an annual rate of 1 percent in the first quarter according to the second estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.
The decrease in real GDP in the first quarter primarily reflected negative contributions from private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment that were partly offset by a positive contribution from personal consumption expenditures. Imports, which are a subtraction in the calculation of GDP, increased.
This GDP estimate is based on more complete source data than was available for the advance estimate issued last month. In the advance estimate, real GDP was estimated to have increased 0.1 percent. With this second estimate for the first quarter, the decline in private inventory investment was larger than previously estimated.