U.S. GDP falls by 5.7 percent in first quarter
Third consecutive quarterly decline
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PrintIn the first quarter of 2009, U.S. gross domestic product (GDP) fell by 5.7 percent. This is the third straight quarter of GDP decline in the U.S. This compares to a 6.3 percent decline in the fourth quarter of 2008, according to figures released by the Commerce Department.
The main contributory factors for the decline in GDP was the decrease in exports, housing and business investment. However, personal consumption increased during the same period to offset some of the declines from housing, exports and business investment.
A large decrease in imports and an increase in personal consumption, helped the first quarter GDP decline to be less than the fourth quarter GDP decline.
Exports of goods and services decreased 28.7 percent in the first quarter, compared with a decrease of 23.6 percent in the fourth. Imports of goods and services decreased 34.1 percent, compared with a decrease of 17.5 percent.
Personal consumption increased 1.5 percent in the first quarter, in contrast to a decrease of 4.3 percent in the fourth.
