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Increase in real GDP for Q1
30
May '08
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 0.9 percent in the first quarter of 2008, according to preliminary estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 0.6 percent.

The GDP estimates released are based on more complete source data than were available for the advance estimates issued last month. In the advance estimates, the increase in real GDP was 0.6 percent.

The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE) for services, exports of goods and services, federal government spending, and private inventory investment that were partly offset by negative contributions from residential fixed investment and PCE for durable goods. Imports, which are a subtraction in the calculation of GDP, decreased.

The small acceleration in real GDP primarily reflected an upturn in inventory investment that was partly offset by a deceleration in PCE.

The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 3.5 percent in the first quarter, the same as in the advance estimate; this index increased 3.7 percent in the fourth quarter.

Excluding food and energy prices, the price index for gross domestic purchases increased 2.2 percent in the first quarter, compared with an increase of 2.3 percent in the fourth. About 0.3 percentage point of the first-quarter increase in the index was accounted for by the pay raise for federal civilian and military personnel, which is treated as an increase in the prices of employee services purchased by the federal government.

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