GDP revised to 5.5% decline in first quarter

The U.S. economy just went through its worst two quarters in more than 60 years, as businesses reduced their investments at the fastest pace since the Depression, the Commerce Department reported Thursday as it revised its estimate for first-quarter gross domestic product.

Real GDP -- the measure of the value of goods and services produced in the economy -- fell at a 5.5% annual rate in the quarter after plunging at a 6.3% pace in the fourth quarter of 2008, the government said.

A month ago, the government had estimated GDP fell at a 5.7% pace in the January-through-March quarter. The government revises the estimates as it obtains more complete data not available earlier.

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- Posted: 2009-06-25 22:50:59

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