US GDP records revised 0.8 percent rise in Q1 '16

WASHINGTON, May 27 (KUNA) — US GDP increased by 0.8 percent in the first quarter of 2016 compared to 1.4 percent in the 2015 fourth quarter, based on Bureau of Economic Analysis’ revised estimates.
The revision, based on “more complete source data” than was available in April, showed an increase from previous 0.5 percent estimates, read a news release by the US Commerce Department’s BEA.
The increase “primarily reflected positive contributions from personal consumption expenditures, residential fixed investment, and state and local government spending.” These were “partly offset by negative contributions from nonresidential fixed investment, exports, private inventory investment, and federal government spending,” according to the data.
Moreover, the imports, which are a subtraction in the calculation of GDP, decreased.
Current-dollar GDP increased 1.4 percent, representing a USD 64.7 billion rise, to a level of USD 18,229.5 billion compared to an increase of 2.3 percent, or USD 104.6 billion, in the fourth quarter of 2015, it said. (end)

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