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Atlanta Fed’s GDPNow Trimmed To 2.5% in Q1 On Trade Drag

US DATA
  • The Atlanta Fed’s GDPNow has been revised down to 2.5% in the latest Q1 estimate for real GDP growth from 2.8% in the Apr 1 update.
  • Latest revisions: net export drag now seen at -0.57pps from -0.48pps prior.
  • 2.5% would mark a step down from the particularly strong 3.4% in Q4 and 4.9% in Q3, but remain above the 2.15% averaged in 1H23.
  • A large part of the moderation from the 3.4% in Q4 is estimated to come from net exports, with that estimated -0.6pps drag following a +0.25pp boost to GDP growth in Q4.

Source: Atlanta Fed

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  • The Atlanta Fed’s GDPNow has been revised down to 2.5% in the latest Q1 estimate for real GDP growth from 2.8% in the Apr 1 update.
  • Latest revisions: net export drag now seen at -0.57pps from -0.48pps prior.
  • 2.5% would mark a step down from the particularly strong 3.4% in Q4 and 4.9% in Q3, but remain above the 2.15% averaged in 1H23.
  • A large part of the moderation from the 3.4% in Q4 is estimated to come from net exports, with that estimated -0.6pps drag following a +0.25pp boost to GDP growth in Q4.

Source: Atlanta Fed