“Real gross domestic product (GDP) increased at an annual rate of 2.2 percent in the first quarter of 2018, according to the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2017, real GDP increased 2.9 percent,” the Bureau of Economic Analysis reported on Wednesday.
Key takeaways:
In the advance estimate, the increase in real GDP was 2.3 percent. With this second estimate for the first quarter, the general picture of economic growth remains the same.
Downward revisions to private inventory investment, residential fixed investment, and exports were partly offset by an upward revision to nonresidential fixed investment.
Real gross domestic income (GDI) increased 2.8 percent in the first quarter, compared with an increase of 1.0 percent (revised) in the fourth quarter.
The price index for gross domestic purchases increased 2.7 percent in the first quarter, compared with an increase of 2.5 percent in the fourth quarter.
The PCE price index increased 2.6 percent, compared with an increase of 2.7 percent.
Excluding food and energy prices, the PCE price index increased 2.3 percent, compared with an increase of 1.9 percent.
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