Real gross
domestic product (GDP) increased at an annual rate of 1.2 percent in the first
quarter of 2017 according to
the "second" estimate released by the Bureau of Economic Analysis. In
the advance estimate, the increase in real GDP was 0.7 percent. In the fourth quarter, real GDP increased 2.1
percent.
The GDP
estimate released today is based on more complete source data than were available
for the
"advance"
estimate issued last month.
With this
second estimate for the first quarter, the general picture of economic growth
remains the same;
increases in nonresidential fixed investment and in personal consumption
expenditures (PCE) were larger
and the decrease in state and local government spending was smaller than
previously estimated.
These revisions were partly offset by a larger decrease in private inventory
investment.
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