Exports were the largest contributor to real GDP growth in the first quarter, up 1.7 percent following a 0.4 percent decline in the previous quarter. The volume of exports of goods increased 1.9 percent, while that of services advanced 0.7 percent. Imports were up 0.3 percent.
Final domestic demand was up 0.3 percent, after edging down 0.1 percent in the previous quarter.
Business non-residential investment fell 2.5 percent, the fifth consecutive quarterly decline, driven by lower investment in engineering structures (-4.3 percent).
Housing investment was up 2.7 percent in the first quarter, with increases in new home construction, renovations and resale activity. Household final consumption expenditure rose 0.6 percent, with increased outlays on goods (+1.1 percent) and services (+0.2 percent).
Businesses drew down inventories by a further $7.0 billion, after a $5.6 billion withdrawal in the previous quarter. The stock-to-sales ratio edged down.
Government final consumption expenditure increased 0.4 percent in the first quarter from 0.1 percent increase in the previous period.
Expressed at an annualized rate, real GDP rose 2.4 percent in the first quarter, following a downwardly revised 0.5 percent growth but missing market expectations of 2.9 percent.