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| First-Quarter 2005 "Final" GDP Estimate - Jun. 29, 2005 |
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Summary
Earlier this morning, the Commerce Department released its final estimate of first-quarter gross domestic product. Per the report, real GDP rose at a 3.8% rate during the quarter, versus the 3.5% rate that was estimated in the last release on May 26th.
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I will soon publish a more detailed analysis of this morning's report. I point out now, though, that 0.2% of the overall 0.3% increase in reported activity in today's report resulted from a downward revision in inflation, not from stronger economic performance.
This morning's revision was slightly better than the consensus forecast, which was looking for growth at something around a 3.7% rate.
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