For additional information relating to this article, please contact:
May 27, 2016US GDP 2016 Q1 (SECOND ESTIMATE)
In the first quarter of 2016, the US economy grew at an annualized rate of 0.8 per cent, revised up from 0.5 per cent reported in the advance estimate. US economic growth has been slowing since the second quarter of 2015. In the revised results ($2009 chained, seasonally adjusted at annualized rates):
- Personal consumer expenditures grew at a real pace of 1.9 per cent, unchanged from the advanced estimate.
- Non-residential investment declined by 6.2 per cent, a faster drop than originally reported. However, this was offset by a 17.2 per cent gain in residential investments, an improvement over the original estimate.
- Government spending growth was unchanged at 1.2 per cent as Federal, State and Local non-defence spending growth offset declining military expenditure.
- Net trade was a drain on US economic growth as exports fell faster than imports, though this impact was muted in the revised estimates.
- Inventory accumulation slowed in the first quarter, but not as much as originally estimated.
Source: US Bureau of Economic Analysis