Real gross domestic product (GDP) in the United States increased at an annual rate of 1.4 percent in the first quarter of 2024, data showed on Thursday.
Meanwhile, real GDP increased 3.4 percent in the fourth quarter of 2023, the Bureau of Economic Analysis said.
The latest Q1 GDP projection is higher than the 1.3 percent estimate issued last month.
“The upward revision primarily reflected a downward revision to imports, which are a subtraction in the calculation of GDP, and upward revisions to non-residential fixed investment and government spending. These revisions were partly offset by a downward revision to consumer spending,” the bureau said.
Quarterly GDP comparison
Compared to the fourth quarter, the deceleration in real GDP primarily reflected decelerations in consumer spending, exports, and state and local government spending, and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment. Imports were higher.
Current dollar GDP was up 4.5 percent at an annual rate, or $312.2 billion, in the first quarter at $28.27 trillion, an upward revision of $13.2 billion from the previous estimate.
Meanwhile, the price index for gross domestic purchases increased 3.1 percent in the first quarter, an upward revision of 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 3.4 percent, an upward revision of 0.1 percentage point. Excluding food and energy prices, the PCE price index increased 3.7 percent, an upward revision of 0.1 percentage point.
Personal income
Current-dollar personal income increased $396.8 billion in the first quarter, a downward revision of $7.7 billion from the previous estimate. The increase primarily reflected increases in compensation (led by private wages and salaries) and personal current transfer receipts (led by government social benefits to persons).
Disposable personal income increased $240.2 billion, or 4.8 percent, in the first quarter, a downward revision of $26.6 billion from the previous estimate. Real disposable personal income increased 1.3 percent, a downward revision of 0.6 percentage point.
Personal saving was $777.3 billion in the first quarter, a downward revision of $19.3 billion from the previous estimate. The personal saving rate — personal saving as a percentage of disposable personal income — was 3.8 percent in the first quarter, the same as the previous estimate.
Real gross domestic income (GDI) increased 1.3 percent in the first quarter, a downward revision of 0.2 percentage point from the previous estimate. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 1.4 percent in the first quarter.
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