Real gross domestic product (GDP) for the U.S. increased at an annual rate of 3.2% in the first quarter (Q1) of 2019, according to the advance estimate released by the Bureau of Economic Analysis (BEA).
Compared to Q1 2018, Q1 2019 growth was up 5.1%,
Current dollar GDP increased 3.8%, or $197.6 billion, in Q1 2019 to a level of $21.06 trillion,
- An upturn in state and local government spending, accelerations in private inventory investment and in exports, and a smaller decrease in residential investment all contributed to the acceleration in real GDP growth in the Q1 2019.
- Decelerations in personal consumption expenditures (PCE) and non-residential fixed investment, and a downturn in federal government spending partially offset the growth.
- The price index for gross domestic purchases increased 0.8% in Q1 2019, compared with an increase of 1.7% in Q4 2018. The personal consumption expenditures (PCE) price index increased 0.6%, compared with an increase of 1.5%. Excluding food and energy prices, the PCE price index increased 1.3%, compared with an increase of 1.8%.
- Current-dollar personal income increased $147.2 billion in Q1 2019, compared with an increase of $229.0 billion in Q4 2018. The deceleration reflected downturns in personal interest income, personal dividend income, and proprietors’ income that were partly offset by an acceleration in personal current transfer receipts.
- Disposable personal income increased $116.0 billion, or 3%, in Q1 2019, compared with an increase of $222.9 billion, or 5.8% in Q4 2018. Real disposable personal income increased 2.4%, compared with an increase of 4.3%.
- Personal saving was $1.11 trillion in the first quarter, compared with $1.07 trillion in the fourth quarter. The personal saving rate which is the personal saving as a percentage of disposable personal income was 7.0% in Q1 2019, compared with 6.8% in Q4 2018.