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Friday, April 29, 2016
US Gross Domestic Product: 1st Quarter 2016 (Advance Estimate)
Real gross domestic product — the value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production, adjusted for price
changes — increased at an annual rate of 0.5 percent in the first quarter of 2016, according to the
“advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP
increased 1.4 percent.
The Bureau emphasized that the first-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see the box on page 3 and “Comparisons of Revisions to GDP” on page 4). The “second” estimate for the first quarter, based on more complete data, will be released on May 27, 2016.
The increase in real GDP in the first quarter reflected positive contributions from personal
consumption expenditures (PCE), residential fixed investment, and state and local government spending
that were partly offset by negative contributions from nonresidential fixed investment, private inventory
investment, exports, and federal government spending. Imports, which are a subtraction in the
calculation of GDP, increased.
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