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.