Statement on the Third Estimate of GDP for the First Quarter of 2016

WASHINGTON, DC – Jason Furman, Chairman of the Council of Economic Advisers, issued the following statement today on the third estimate of GDP for the first quarter of 2016.

Summary: Real GDP growth was revised up to 1.1 percent at an annual rate in the first quarter.

First-quarter economic growth was revised up 0.3 percentage point to 1.1 percent at an annual rate. Strong growth in residential investment boosted real GDP growth, but weakness in business investment—exacerbated by weak foreign demand and low oil prices—weighed on growth. Going forward, increased uncertainty, including uncertainty regarding the consequences of British voters' decision last week to leave the European Union, underscores the importance of proactive policy steps to strengthen the U.S. economy. The President will continue to take steps to strengthen economic growth and boost living standards, including promoting greater competition across the economy; supporting innovation; and calling on Congress to support investments in infrastructure and job training and to pass high-standards free trade agreements like the Trans-Pacific Partnership. 

You can view the statement in its entirety here.

Source: The White House, Office of the Press Secretary