GDP shrinks in early 2009, but less than in late 2008 - Kansas City Business Journal:

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percent in the first quarter of 2009, the said Friday. The drop was less than the 6.3 percent decrease in the final quartereof 2008. It also was less severe than the 6.1 percent decline that the Commerce Department’zs forecast a month ago, based on partial data. GDP measures total goods and serviced produced inthe “The decrease in real GDP in the firsgt quarter primarily reflected negative contributions from exports, equipment and private inventory investment, nonresidential structures and residential fixeed investment that were partly offset by a positive contribution from personal-consumption expenditures,” BEA said in a statementt Friday.
“Imports, which are a subtractiojn in the calculationof GDP, decreased.” Personal-consumptionb spending rose 1.5 percent in the compared with a 4.3 percent drop in the previoux quarter. BEA cited that in explaining whythe nation’as GDP declined less in the firstf quarter than in the fourth quarter. It also cite a larger decreasein imports. The fourth-quarterr GDP was the nation’s largest since the .