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US First-Quarter GDP Maintained at 6.4%

June 24, 2021 by Forex Winner Leave a Comment

US First-Quarter GDP Maintained at 6.4%

Source: US Bureau of Economic Analysis

The United States’ real gross domestic product (GDP) for the first quarter was maintained at 6.4%, as changes in investments were offset by adjustments in imports.

  • The third estimate for the first-quarter economic growth stood at 6.4%, unchanged from the first two estimates. GDP grew by 4.3% in the fourth quarter of 2020.
  • Current-dollar GDP was also maintained at 11.0%, while real gross domestic income was revised to 7.6% from 6.8%.
  • An upward revision was recorded in personal consumption expenditures (PCE), due to the increase in durable and nondurable goods, and services during the period.
  • Nonresidential fixed investment was revised higher to reflect increases in equipment and intellectual property.
  • Federal government spending was also adjusted higher due to the increase in payments for the Paycheck Protection Program loan applications and COVID-19 vaccine purchases.
  • The upward revisions were canceled out by the adjustment in imports which is a subtraction when calculated in the GDP. 

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