Real GDP for the first quarter of 2016 grew at an annual rate of 1.1 percent, according to the Bureau of Economic Analysis’s third estimate. First quarter GDP was revised up from the second estimate of 0.8 percent growth, as consumption was revised downward and exports increased more than previously estimated. During the fourth quarter of 2015, real GDP grew at a rate of 1.4 percent.
Personal consumption’s GDP contribution was revised down to 1.0 percent of growth, compared to a 1.3 percent contribution in the previous estimate. Consumption spending grew by $42.2 billion during the first quarter of 2016.
The drag from fixed investment on GDP was revised down to 0.1 percent from 0.3 percent in the previous estimate. Non-residential fixed investment subtracted 0.6 percent from growth, which was partially offset by a 0.5 percent contribution from residential fixed investment.
Net exports were revised from a negative contribution of 0.2 percent to a positive contribution of 0.1 percent, as exports increased by $1.8 billion during the quarter.
Read the BEA release.