Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021, according to the “third” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 4.3 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 increase in real GDP was also 6.4 percent. Upward revisions to nonresidential fixed investment, private inventory investment, and exports were offset by an upward revision to imports, which are a subtraction in the calculation of GDP
Here is a Comparison of Third and Second Estimates. PCE growth was revised up slightly to 11.4%. Residential investment was revised up from 12.7% to 13.1%. This was at the consensus forecast.