The U.S. economy expanded in the first quarter of 2017 as real gross domestic product grew at a rate of 1.2 percent, which was revised up from the previous estimate, according to the second estimate released by the Bureau of Economic Analysis.
Real GDP represents the value of the production of goods and services in the economy and is adjusted for inflation. The first quarter growth in 2017 of 1.2 percent, which includes performance from January, February, and March, was a decline from the 2.1 percent growth seen in the fourth quarter of 2016.
Real GDP in the first quarter of 2017 did show an increase from the previous year, when GDP expanded at 0.8 percent in the first quarter of 2016, according to the second estimate.
"The GDP estimate released today is based on more complete source data than were available for the ‘advance’ estimate issued last month," the bureau said. "With this second estimate for the first quarter, the general picture of economic growth remains the same; increases in nonresidential fixed investment and in personal consumption expenditures were larger and the decrease in state and local government spending was smaller than previously estimated. These revisions were partly offset by a larger decrease in private inventory investment."
The bureau will release its third estimate for the first quarter of 2017 on June 29.