GDP Shrank 5.7% In 1Q; Slightly Less Than Last Estimate : The Two-Way Gross domestic product shrank at a 5.7% annual rate in the first quarter.
NPR logo GDP Shrank 5.7% In 1Q; Slightly Less Than Last Estimate

GDP Shrank 5.7% In 1Q; Slightly Less Than Last Estimate

The nation's gross domestic product decreased at a 5.7% annual rate in the first quarter, the Commerce Department just reported.

While sizable, the decline is less than Commerce previously reported. Last month, it said GDP shrank at a 6.1% annual rate the first three months of the year.

In fourth-quarter 2008, GDP declined at a 6.3% annual rate.

Commerce will revise its first-quarter estimate one more time, on June 25.

The current recession officially began in December, 2007. According to Commerce, GDP has declined in four of the past six quarters. (A recession is two or more consecutive quarters of declines in a broad spectrum of economic indicators, including GDP, employment and consumer spending.)