Home » GDP Final Estimates: Economy Grows 1% in 1Q
GDP Final Estimates: Economy Grows 1% in 1Q
June 26, 2008
Real gross domestic product -the output of goods and services produced by labor and property in the U.S. -increased at an annual rate of 1% in the first quarter of 2008 (that is, from the fourth quarter to the first quarter), according to final estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 0.6%.
The GDP estimates released today are based on more complete source data than were available for the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was 0.9%.
The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE) for services, exports of goods and services, and federal government spending that were partly offset by negative contributions from residential fixed investment and PCE for durable goods.