Real gross domestic product – the output of goods and services produced by labor and property — located in the U.S. – increased at an annual rate of 0.1 percent in the first quarter of 2014 (that is, from the fourth quarter to the first quarter), according to the advance estimate released by the Bureau of Economic Analysis.
In the fourth quarter, real GDP increased 2.6 percent.
The Bureau emphasized that the first-quarter advance estimate released is based on source data that are incomplete or subject to further revision by the source agency. The second estimate for the first quarter, based on more complete data, will be released on May 29, 2014.
The increase in real GDP in the first quarter primarily reflected a positive contribution frompersonal consumption expenditures (PCE) that was partly offset by negative contributions from exports,private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased.