U.S. economy shrank in the first half of 2022, updated GDP figures from the Bureau of Economic Analysis confirm.
Real gross domestic product (GDP) decreased at an annual rate of 0.6 percent in the second quarter of 2022, according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 1.6 percent (same as previously published).
The โthirdโ estimate of GDP released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the decrease in real GDP was also 0.6 percent. The update primarily reflected an upward revision to consumer spending that was offset by a downward revision to exports.
Updates for the First Quarter of 2022:
For the first quarter of 2022, real GDP is now estimated to have decreased 1.6 percent, the same as previously published. Downward revisions to consumer spending (specifically services), nonresidential fixed investment, and residential fixed investment were offset by upward revisions to private inventory investment, federal government spending, exports, and state and local government spending. Imports were revised down.
