Q1 GDP Growth Revised Down to 1.8%
In its third and final estimate for Q1 2013, the Commerce Department announced today (link opens a PDF) that seasonally adjusted real GDP growth increased just 1.8% from Q4 to Q1.
The Department's most recent estimate had put first-quarter growth at 2.4%, and its original estimate had clocked in at 2.5%.
According to today's report, the culprits behind GDP's latest squeeze were figures lower than previously estimated for personal spending and exports.
Despite the downward revision, rates remain well above Q4 2012's 0.4% finalized rate. Q1 GDP growth received the biggest boosts from personal spending (up 2.6%), private inventory investment (responsible for 0.57 percentage points of GDP growth), and residential fixed investment (up 14%).
Local and federal spending took a cut out of growth rates (down 2.1% and 8.7%, respectively), as did a 1.1% decline in exports.
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