GDP Q1 report shows growth
Growth continued to be driven by personal consumption expenditures and a still notable increase in private non-farm inventories.
Today, the Bureau of Economic Analysis (BEA) released their second installment of the Q1 2010 GDP report showing that the economy continued to expand with real GDP increasing at an annualized rate of 3.0% from Q4 2009.
On a year-over-year basis real GDP increased 2.50% while the quarter-to-quarter non-annualized percent change was 0.75%.
Growth continued to be driven by personal consumption expenditures and a still notable increase in private non-farm inventories while residential investment took another nose dive declining at an annualized rate of 10.7% since Q4 2009.
Nonresidential structures also declined notably dropping at an annualized rate of 15.3% from the prior quarter.
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