In the first quarter, GDP grew at a seasonally-adjusted annualised rate (saar) of 1.9% over the previous quarter, according to revised data released by the Bureau of Economic Analysis (BEA) on 31 May. The print marked a deterioration compared to the advance estimate of 2.2% published on 27 April but matched market expectations. The reading represents a slowdown over the 3.0% growth recorded in Q4 2011. The deterioration over the advance estimate mainly reflected revisions to private and government consumption as well as inventories. Personal consumption expenditures expanded a revised 2.7% (advance estimate: +2.9% quarter-on-quarter saar), while government consumption contracted a revised 3.9% (advance estimate: -3.0% qoq saar). On the other hand, gross fixed investment grew 4.9% (previously reported: +1.4% saar), amid upward revisions for both residential and non-residential fixed investment. On the external front, export growth was revised up to 7.2% (advance estimate: +5.4% qoq saar), while imports were similarly revised upwards to 6.1% (advance estimate: +4.3% qoq saar). As a result, the net contribution from the external sector to growth deteriorated marginally from the minus 0.01 percentage points initially reported to minus 0.08 percentage points.
United States GDP
First quarter growth revised downwards
May 31, 2012
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Note: Quarter-on-quarter annualized changes and annual variation of seasonally adjusted GDP in %.
Source: Bureau of Economic Analysis and FocusEconomics Consensus Forecast.
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