11:38 p.m.
Thursday, 27 July 2017

US Economy grew 2.2 percent

Los Angeles, California.- 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 2.2 percent in the first quarter of 2012 (that is, from the fourth quarter to the first quarter), according to the "advance" estimate released by the Bureau of Economic Analysis.

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). The "second" estimate for the first quarter, based on more complete data, will be released on May 31, 2012.

  The increase in real GDP in the first quarter primarily reflected positive contributions from

personal consumption expenditures (PCE), exports, private inventory investment, and residential fixed investment that were partly offset by negative contributions from federal government spending, nonresidential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

  The deceleration in real GDP in the first quarter primarily reflected a deceleration in private

inventory investment and a downturn in nonresidential fixed investment that were partly offset by accelerations in PCE and in exports.

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