EmailReal GDP increased 1.9% in the third estimate of Q1 2011 GDP, up from 1.8% in the second estimate. The Briefing.com consensus expected GDP to remain at 1.8%.
There were no major surprises in the new estimates. Real final sales remained at 0.6% in the third estimate. The change in GDP was the result of slightly stronger inventory levels ($55.7 billion, up from $52.2 bln) and not from growth in the real economy. Personal consumption growth remained at 2.2%.
Nonresidential investment was revised down from 3.4% to 2.0%. Residential investment was revised up from -3.3% to -2.0%.
Exports were revised down from 9.2% to 7.6% but that was offset by a downward revision in import growth (5.1% from 7.6%).
Government spending was revised from -5.1% to -5.8%.
