GDP Growth Unchanged at 6.4% in Q1’s Second Estimate

U.S. gross domestic product (GDP) grew by 6.4% in the first quarter of 2021 on an annualized basis, according to the second estimate from the Bureau of Economic Analysis (BEA). The second estimate saw no change in overall GDP compared to the advance estimate; however, upward revisions to consumer spending and nonresidential fixed investment were offset by downward revisions to exports and private inventory investment.

The economy’s progress in Q1 marks the second-fastest pace of growth since Q2 2003 and was exceeded only by the pandemic-reopening-fueled burst of Q3 in 2020. This growth follows the 4.3% real GDP increase seen in Q4 2020, with economists speculating that GDP could top 10.0% in the second quarter.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

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