EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Wednesday, June 29, 2022
Real gross domestic product (GDP) decreased at an annual rate of 1.6 percent in the first quarter of 2022, according to the “third” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2021, real GDP increased 6.9 percent.
The “third” estimate of GDP released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the decrease in real GDP was 1.5 percent. The update primarily reflects a downward revision to personal consumption expenditures (PCE) that was partly offset by an upward revision to private inventory investment (refer to “Updates to GDP”).
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