First Quarter GDP in U.S. Grows by Only 0.1%
WASHINGTON—Real gross domestic product for the United States increased by a sluggish 0.1 percent in the first quarter of 2014, according to an "advance" estimate by the Bureau of Economic Analysis. That growth is considerably lower than what economists had expected and slower than the real GDP increase of 2.6 percent in the quarter before.
Real GDP is a measure of the output of goods and services produced by labor and property located in a country or sovereign body. The Bureau emphasized that the first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision. The "second" estimate for the first quarter, based on more complete data, will be released on May 29, 2014.