According to the Commerce Department, real gross domestic product increased at an annual rate of 1.1% in Q1/16, according to the third estimate released by the Bureau of Economic Analysis. In Q4/15, real GDP increased 1.4%.

The GDP estimate is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 0.8%. With the third estimate for the first quarter, the general picture of economic growth remains the same; exports increased more than previously.

The increase in real GDP in the first quarter reflected positive contributions from personal consumption expenditures (PCE), residential fixed investment, state and local government spending, and exports that were partly offset by negative contributions from nonresidential fixed investment, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, decreased.

The deceleration in real GDP in the first quarter primarily reflected a deceleration in PCE, a larger decrease in nonresidential fixed investment, and a downturn in federal government spending that were partly offset by upturns in state and local government spending and exports and an acceleration in residential fixed investment.

Real gross domestic income (GDI), which measures the value of the production of goods and services in the U.S. as the costs incurred and the incomes earned in production, increased 2.9% in the first quarter, compared with an increase of 1.9% in the fourth. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 2.0% in the first quarter, compared with an increase of 1.7% in the fourth.