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May 26, 2022US GDP 2022 Q1 (SECOND ESTIMATE) 
Today, the Bureau of Economic Analysis released the second estimate of Q1 2022 US Real Gross Domestic Product (GDP).
US real GDP growth was estimated to have declined 1.5% (seasonally adjusted annualized rate) in Q1 2022, a downgrade from the advance estimate of -1.4%. This quarter's result follows growth of 6.9% in the previous quarter. During Q1 2022, the omicron variant resulted in continued restrictions and disruptions in some parts of the US while government assistance payments decreased. US real GDP exceeded pre-pandemic (Q4 2019) levels by 2.8% in Q1 2022.
The decrease in real GDP reflected in lower private inventory investments, and declines in exports, and government spending. Personal consumption expenditures, non-residential fixed investment, and residential investment increased in the quarter. Imports increased at a seasonally adjusted annualized rate of 18.3% led by non-food and non-automotive consumer goods.
Lower private inventory investment was led by decreases in wholesale motor vehicles and mining, utilities and construction. Exports declined mainly with a widespread decrease in nondurable goods than was only partially offset by increase in financial services. Federal government spending decreased in defense spending.
Personal consumption expenditures rose on higher services (led by housing and utilities) and durable goods (led by motor vehicles) while nondurables (led by gasoline and other energy goods) declined. Non-residential fixed investment rose on equipment and intellectual property products.
Current-dollar GDP increased 6.5% at an annualized rate, unchanged from advance estimate. The personal consumption expenditure price index increased 7.0% in Q1 2022 compared to 6.4% in Q4 2021. Excluding food and energy prices, personal consumption expenditure prices increased 5.1% in Q1 2022 compared to 5.0% in Q4 2021.
Source: US Bureau of Economic Analysis
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