Real GDP for the First quarter of 2017 grew at a seasonally adjusted annual rate of 1.2%, according to the Bureau of Economic Analysis’s revised estimate, up slightly from the advance estimate of 0.7%. The general picture of economic growth remained the same.
The increase in the estimate was mostly due to nonresidential fixed investment and personal consumption expenditures being larger than previously estimated.
The upward revision to consumer spending reflected upward revisions to household utilities and food services.
The downward revision to private inventory investment reflected downward revisions to nondurable goods manufacturing. The nonresidential fixed investment upward revision was due to upward revisions to intellectual property products.