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By Emily Greenhalgh
PBN Web Editor
WASHINGTON - The pace of economic recovery in the U.S. slowed during the first quarter of 2012, according to data released Friday by the Bureau of Economic Analysis.
Gross domestic product grew at an inflation-adjusted annual rate of 2.2 percent during the first quarter of 2012, compared with a GDP growth of 3 percent during the three months ended December 31.
The slow in GDP growth was likely due to a deceleration in private inventory investment and a downturn in nonresidential fixed investments, according to a release.
The investment downturns were partly offset by accelerations in personal consumption expenditures, which grew 2.9 percent in 1Q and exports, which grew 5.4 percent in 1Q.
Comparatively, personal consumption expenditures and exports showed a 2.1 percent and 2.7 percent growth, respectively, in the fourth quarter.
Motor vehicle output added 1.12 percentage points to the first quarter change in GDP, a growth from the 0.47 percentage points it added to the fourth quarter 2011.
Current-dollar GDP – the market value of America’s output of goods and services – increase 3.8 percent, or $142.4 billion, in the first quarter 2012, compared to an increase of $143.3 billion in the fourth quarter 2011.
The bureau emphasized that the first quarter numbers were based on incomplete source data and the more complete data would be released on May 31.