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April 29, 2021US GDP 2021 Q1 (ADVANCE ESTIMATE)
The Bureau of Economic Analysis (BEA) released the Q1 2021 US Real Gross Domestic Product (GDP) advance estimate today. US real GDP increased 6.4% in Q1 2021 following on the 4.3% increase in Q4 2020. The US economy was 0.9% smaller in Q1 2021 compared to pre-pandemic Q4 2019.
Increased GDP in Q1 reflected positive contributions from personal consumption expenditures, non-residential fixed investment, government spending, and residential fixed investment. Decreases in inventory investment and exports partially offset the increases.
Personal consumption expenditure growth was 10.7% in Q1 (in real terms at an annualized rate). Goods increased 23.6% with rises in motor vehicles and parts, and food and beverages. Services rose 4.6% led by food services and accommodations.
Non-residential fixed investment increased 9.9% with increases in information processing equipment and software. Private inventories declined due to smaller holdings in the retail sector. The increase in federal spending was primarily due to payments to banks for processing and administrating loan applications and for COVID-19 vaccine purchases and distribution.
Exports were down 1.1% and imports rose 5.7%.
US nominal GDP increased at an annual rate of 10.7% in Q1, following an increase of 6.3% in Q4. The personal consumption expenditure (PCE) price index increased 3.5% compared to a 1.5% increase in the previous quarter.
Source: US Bureau of Economic Analysis
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