The 2020 Mid-Year Economic Update_long

Real GDP Down 0.7% in 1Q

Real GDP decrease follows a 2.2 percent increase in the fourth quarter.

Real gross domestic product for the U.S. decreased at an annual rate of 0.7 percent in the first quarter, according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.2 percent.

The decrease in real GDP in the first quarter primarily reflected negative contributions from exports, nonresidential fixed investment, and state and local government spending that were partly offset by positive contributions from personal consumption expenditures, private inventory investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

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