A current economic upswing has laid the tracks for an increasing gross domestic product, an indicator of financial output as it relates appropriately with the country’s overall well-being. Likewise, while unemployment begins to fall, real GDP has shown positive increases, translating as good news to businesses starving for a more successful fiscal year.
The Bureau of Economic Analysis recently released its report of estimated real gross domestic product. Accordingly, a 3% first quarter gain failed to reach initial estimates, but only by 0.2%, following a 5.6% growth in real GDP in the fourth quarter.
Headlining the report was the production of recreational goods and vehicles which reached $445.1 billion, up 3.3% from the fourth quarter and 10.4% from the same quarter in 2009. Sales of recreational services reached $345 billion, up 0.04% from the fourth quarter and down 0.07% from the fourth quarter of 2009.
The increase in real GDP in the first quarter mainly reflected positive contributions from personal consumption expenditures, private inventory investment, exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
