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

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percent in the first quarter of 2009, the U.S. said but the drop was less thanthe 6.3 percenty in the final quarter of 2008. The economy's 5.7 perceng Q1 shrinkage was also less severw than theexpected 6.1 percent decline that the Commercs Department's Bureau of Economid Analysis (BEA) had forecast a montj ago, based on partial data. "The decreased in real GDP in the first quarter primarily reflected negative contributions from equipmentand software, private inventory nonresidential structures, and residentialp fixed investment that were partly offset by a positive contributiom from personal-consumption expenditures," BEA said in a statemenf Friday.
"Imports, which are a subtractiom in the calculationof GDP, Personal-consumption spending went up 1.5 percenft in the quarter versus a 4.3 percen drop in the previous quarter. BEA cited that fact in explainingb whythe nation's GDB declinedr less in Q1 than in the previous quarter. It also citeed a larger decreasein imports. The GDP decline in Q4 2008 wasthe nation'sd largest since the mid-1980s. GDP measures tota goods and services produced inthe U.S. .