Real gross domestic product -the output of goods and services produced by labor and property in the U.S. -increased at an annual rate of 0.7% in the first quarter of 2007, according to final estimates released by the Bureau of Economic Analysis.&nbsp ; In the fourth quarter, real GDP increased 2.5%.
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The GDP estimates released today are based on more complete source data than were available for the preliminary estimates issued last month.&nbsp ; In the preliminary estimates, the increase in real GDP was 0.6%.
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The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures and state and local government spending that were partly offset by negative contributions from private inventory investment, residential fixed investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.