Real
gross domestic product, the output of goods and services produced by
labor and property located in the United States increased at an annual
rate of 2.5 percent in the first quarter of 2013 (that is, from the
fourth quarter to the first quarter), according to the "advance"
estimate released by the Bureau of Economic Analysis. In the fourth
quarter, real GDP increased 0.4 percent. Analysts had expected U.S.
gross domestic product to rise 3.0% in the last quarter.
The
increase in real GDP in the first quarter primarily reflected positive
contributions from personal consumption expenditures (PCE), private
inventory investment, exports, residential investment, and
nonresidential fixed investment that were partly offset by negative
contributions from federal government spending and state and local
government spending. Imports, which are a subtraction in the calculation
of GDP, increased.
The Bureau emphasized that the first-quarter
advance estimate released on Friday is based on source data that are
incomplete or subject to further revision by the source agency. The
"second" estimate for the first quarter, based on more complete data,
will be released on May 30, 2013.
Source by Commodity Insights
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