Gross Domestic Product (Second Estimate) and Corporate Profits (Preliminary), First Quarter 2022
The second estimate of GDP released by the Bureau of Economic Analysis show a decrease at an annual rate 1.5 percent in the first quarter of 2022, worst than released last month.
The drop was due to a drcreased in exports, government spending and an increase in imports. Within exports, were widespread decreased in nondurable goods. The decreased in government spending reflected a reduced in defense spending on intermediate goods and services. And the increased in imports was led by increases in durable goods.
In general, in the first quarter of 2022, an increase of COVID-19 cases still restricted opperations and activities production in some parts inside and outside of the country.