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U.S. GDP declined by 1.5% in the first quarter of 2022, the Commerce Department reported

U.S. GDP Growth Slips into Negative Territory 

Real GDP decreased at an annual rate of 1.5% in the first quarter of 2022, according to the Commerce Department’s Bureau of Economic Analysis. The decline was steeper than the 1.3% estimated by Dow Jones. In 2021’s fourth quarter, real GDP increased 6.9%.  

The decrease in real GDP reflected decreases in private inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased. Personal consumption expenditures, nonresidential fixed investment, and residential fixed investment increased. 

Although Q1’s decline was modest by comparison to the 31.2% drop seen in Q2 2020, the quarter was the worst for GDP performance since that time, CNBC reported. Economists largely expect the U.S. to rebound in Q2 as some of the factors holding back growth early in the year—including supply-chain issues stemming from Russia’s invasion of Ukraine—subside, according to CNBC. 


Inside The Story

Bureau of Economic Analysis

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
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