U.S. GDP shrinks 5.7%, and that's an improvement

The nation's gross domestic product declined 5.7 percent in the first quarter of 2009, the U.S. Department of Commerce said Friday, but that drop was smaller than the 6.3 percent reporter for he final quarter of 2008.

The economy's 5.7 percent shrinkage also was less severe than the 6.1 percent decline that the Commerce Department's Bureau of Economic Analysis (BEA) had forecast a month ago, based on partial data.

"The decrease in real GDP in the first quarter primarily reflected negative contributions from exports, equipment and software, private inventory investment, nonresidential structures, and residential fixed investment that were partly offset by a positive contribution from personal-consumption expenditures," BEA said in a statement Friday. "Imports, which are a subtraction in the calculation of GDP, decreased."

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- Posted: 2009-05-29 10:51:16

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