First Quarter GDP Revised up to 1.4%

Real GDP for the First quarter of 2017 grew at a seasonally adjusted annual rate of 1.4%, according to the Bureau of Economic Analysis’s revised estimate, up slightly from the second estimate of 1.2%. The general picture of economic growth remained the same.

The increase in the estimate was mostly due to consumer spending on services and exports being larger than previously estimated. This was partially offset by a small downward revision to nonresidential fixed investment.

Real gross domestic income increased 1.0% in the first quarter, down from 1.4% in the fourth quarter of 2016. Current-dollar GDP increased 3.4% compared to 4.2% in the previous quarter.

Read the GDP release.