The third and final estimate of real gross domestic product doubled that of the first estimate for the first quarter, according to the U.S. Bureau of Economic Analysis.
The third estimate doubled GDP to an annual rate of 1.4% in the first quarter. This is up from the second estimate’s 1.2% and the first estimate’s 0.7%. However, this is still down from the fourth quarter’s growth of 2.1%. This tepid growth falls far below President Donald Trump’s target GDP of 3%.
The GDP estimate released is based on more complete data than was available for the second estimate issued last month. In the final estimate, personal consumption expenditures and exports increased, but the general picture of economic growth remains the same.
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Real gross domestic income increased 1% in the first quarter, up from the fourth quarter’s decrease of 1.4%. The average of real GDP and real GDI, a supplemental measure a measure of U.S. economic activity that equally weights GDP and GDI, increased 1.2% in the first quarter, up from an increase of 0.3% in the fourth quarter.
Here are updates to the previous estimate:
Current-dollar GDP: Held steady at 3.4%
Average of real GDI and real GDP: Increased to 1.2%, up from last estimate’s 1%
Gross domestic purchases price index: Decreased to 2.5%, down from last estimate’s 2.6%
Personal consumption expenditures: Held steady at 2.4%