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June 29, 2022US GDP 2022 Q1 (THIRD ESTIMATE) 
Today, the Bureau of Economic Analysis released the third estimate of Q1 2022 US Real Gross Domestic Product (GDP).
US real GDP was estimated to have declined 1.6% (seasonally adjusted annualized rate) in Q1 2022, a downgrade from the second estimate of -1.5%. 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 2.7% in Q1 2022.
The decrease in real GDP reflected in lower private inventory investments, declines in exports, and lower government spending (notably Federal). Personal consumption expenditures, non-residential fixed investment increased in the quarter (residential investment was up slightly). Imports increased at a seasonally adjusted annualized rate of 18.9% 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 that was only partially offset by increase in financial services. Federal government spending decreased in defense spending on intermediate goods and services.
Personal consumption expenditures rose on higher services (led by housing and utilities) offset by lower goods expenditures. Non-residential fixed investment rose on equipment and intellectual property products.
Current-dollar GDP increased 6.6% at an annualized rate, up from the prior estimate of 6.5%. The personal consumption expenditure price index increased 7.1% in Q1 2022 compared to 6.4% in Q4 2021. Excluding food and energy prices, personal consumption expenditure prices increased 5.2% in Q1 2022 compared to 5.0% in Q4 2021.
Source: US Bureau of Economic Analysis
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