The following is the unedited transcript of the news release from the U.S. Bureau of Economic Analysis.


Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 5.5 percent in the first quarter of 2009, (that is, from the fourth quarter to the first quarter), according to final estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP decreased 6.3 percent.

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 (PCE). Imports, which are a subtraction in the calculation of GDP, decreased. The smaller decrease in real GDP in the first quarter than in the fourth primarily reflected an upturn in PCE and a larger decrease in imports that were partly offset by larger decreases in private inventory investment and in nonresidential structures.

Motor vehicle output subtracted 1.26 percentage points from the first-quarter change in real GDP after subtracting 2.01 percentage points from the fourth-quarter change. Final sales of computers added 0.09 percentage point to the first-quarter change in real GDP after subtracting 0.02 percentage point from the fourth-quarter change.

The price index for gross domestic purchases, which measures prices paid by U.S. residents, decreased 1.0 percent in the first quarter, the same as in the preliminary estimate; this index decreased 3.9 percent in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent in the first quarter, also the same as in the preliminary. The federal pay raise for civilian and military personnel added 0.3 percentage point to the change in the first-quarter gross domestic purchases price index, which is treated as an increase in the prices of employee services purchased by the federal government.

Real personal consumption expenditures increased 1.4 percent in the first quarter, in contrast to a decrease of 4.3 percent in the fourth. Real nonresidential fixed investment decreased 37.3 percent, compared with a decrease of 21.7 percent. Nonresidential structures decreased 42.9 percent, compared with a decrease of 9.4 percent. Equipment and software decreased 33.7 percent, compared with a decrease of 28.1 percent. Real residential fixed investment decreased 38.8 percent, compared with a decrease of 22.8 percent.

Real exports of goods and services decreased 30.6 percent in the first quarter, compared with a decrease of 23.6 percent in the fourth. Real imports of goods and services decreased 36.4 percent, compared with a decrease of 17.5 percent.

Real federal government consumption expenditures and gross investment decreased 4.5 percent in the first quarter, in contrast to an increase of 7.0 percent in the fourth. National defense decreased 6.8 percent, in contrast to an increase of 3.4 percent. Nondefense increased 0.6 percent, compared with an increase of 15.3 percent. Real state and local government consumption expenditures and gross investment decreased 2.2 percent, compared with a decrease of 2.0 percent.

The real change in private inventories subtracted 2.20 percentage points from the first-quarter change in real GDP, after subtracting 0.11 percentage point from the fourth-quarter change. Private businesses decreased inventories $87.1 billion in the first quarter, following a decrease of $25.8 billion in the fourth quarter and a decrease of $29.6 billion in the third.

Real final sales of domestic product -- GDP less change in private inventories -- decreased 3.3 percent in the first quarter, compared with a decrease of 6.2 percent in the fourth.

Gross domestic purchases

Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- decreased 7.5 percent in the first quarter, compared with a decrease of 5.9 percent in the fourth.

Gross national product

Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- decreased 5.6 percent in the first quarter, the same as in the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which decreased $5.8 billion in the first quarter after increasing $21.3 billion in the fourth; in the first quarter, receipts decreased $107.9 billion, and payments decreased $102.0 billion.

Current-dollar GDP

Current-dollar GDP -- the market value of the nation''s output of goods and services – decreased 2.9 percent, or $103.1 billion, in the first quarter to a level of $14,097.2 billion. In the fourth quarter, current-dollar GDP decreased 5.8 percent, or $212.5 billion.

Revisions

The final estimate of the first-quarter change in real GDP is 0.2 percentage point, or $6.8 billion, less of a decrease than the preliminary estimate issued last month. The upward revision to the percent change in real GDP primarily reflected a downward revision to imports and an upward revision to private nonfarm inventory investment that were partly offset by downward revisions to exports and to personal consumption expenditures for services.