Updated: 25-Jun-26 09:59 ET
Highlights
- Q1 GDP was revised up to 2.1% (Briefing.com consensus: 1.6%) from the second estimate of 1.6%.
- The GDP Price Deflator was bumped up to 3.6% (Briefing.com consensus: 3.5%) from the second estimate of 3.5%.
- Personal consumption expenditures increased 0.5%, down from 1.4% in the second estimate. The PCE component contributed 0.37 percentage points to real GDP growth in the first quarter, down from 0.95 percentage points in the second estimate.
- Gross private domestic investment was up 7.9% versus up 7.0% in the second estimate. Gross private domestic investment contributed 1.35 percentage points to growth in the first quarter, up from 1.19 in the second estimate.
- Exports were up 10.9% versus 13.0% in the second estimate. Imports were up 11.8%, revised down from 21.1% in the second estimate. Net exports subtracted 0.37 percentage points from growth in the first quarter versus subtracting 1.25 percentage points in the second estimate.
- Government spending increased 4.4%, unchanged from the second estimate. Government spending added 0.74 percentage points to growth in the first quarter, versus 0.73 percentage points in the second estimate.
- Real final sales of domestic product, which excludes the change in private inventories, increased 1.9%, up from a 1.5% increase in the second estimate.
- Real final sales to domestic purchasers increased 1.7%, down from the 2.4% increase in the second estimate.
- The PCE Price Index increased 4.6%, versus 4.5% in the second estimate, while the core PCE Price Index, which excludes food and energy, held at 4.4%.
- The key takeaway from the report is that Q1 GDP was stronger than originally thought, due primarily to a downward revision to imports, which are a subtraction in GDP calculations.
| Category | Q1 | Q4 | Q3 | Q2 | Q1 |
| GDP | 2.1% | 0.5% | 4.4% | 3.8% | -0.6% |
| Inventories (change) | -$16.7B | -$15.6B | -$23.9B | -$18.3B | $172.0B |
| Final Sales | 1.9% | 0.3% | 4.5% | 7.5% | -3.2% |
| PCE | 0.5% | 1.9% | 3.5% | 2.5% | 0.6% |
| Nonresidential Inv. | 10.6% | 2.4% | 3.2% | 7.3% | 9.5% |
| Structures | -4.7% | -6.5% | -5.0% | -7.5% | -3.1% |
| Equipment | 15.8% | 4.3% | 5.3% | 8.5% | 21.4% |
| Intellectual Property | 13.8% | 5.4% | 5.6% | 15.0% | 6.5% |
| Residential Inv. | -7.8% | -1.7% | -7.1% | -5.1% | -1.0% |
| Net Exports | -$1001.8B | -$968.7B | -$955.5B | -$1058.0B | -$1380.7B |
| Export | 10.9% | -3.2% | 9.6% | -1.8% | 0.2% |
| Imports | 11.8% | -1.0% | -4.4% | -29.3% | 38.0% |
| Government | 4.4% | -5.6% | 2.2% | -0.1% | -1.0% |
| GDP Price Index | 3.6% | 3.7% | 3.8% | 2.1% | 3.6% |
