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 0.6% in the first quarter 2007, according to preliminary estimates released by the Bureau of Economic Analysis.
The estimate is based on more complete source data than advance data released last month, when the increase was estimated at 1.3%.
In the fourth quarter, real GDP increased 2.5%.
The increase in GDP was offset by negative contributions from private inventory investment, residential fixed investment and federal government spending. Imports, a subtraction in the calculation of GDP, increased.