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Real GDP was revised up by 0.1 percentage points (pp) to 1.9 percent in the first quarter, according to the third estimate released by the Bureau of Economic Analysis. The revision was primarily due to a downward revision to imports and an upward adjustment to private inventories that was mostly offset by downward revisions to exports, BFI, and state and local government spending. The largest category, consumption, was essentially unrevised from the second estimate, increasing 2.2 percent in the first quarter, compared to 4.0 percent in the fourth quarter. Real imports were revised down in the first quarter from a 7.6 percent gain to a 5.1 percent increase. Since imports enter into GDP accounting as a negative, the knockdown in the growth rate added nearly 0.4 pp to real GDP growth in the first quarter. Private inventories swelled by a little more than previously estimated, adding 0.1 pp to output growth. The contribution to first quarter output growth from business fixed investment was knocked down by 0.1 pp during the revision as the increase in equipment and software investment was revised down from 11.6 percent to 8.7 percent. Real export growth was revised down from 9.2 percent to 7.7 percent in the first quarter. Also, real government spending subtracted an additional 0.1 pp (1.2 pp in total) after the revision, largely as state and local government spending (already a drag on growth) was revised down from a 3.1 percent decrease to a 4.1 percent decline.