Real GDP rose 2.2 percent after rising 3.0 percent in the fourth quarter of 2011. Consumer spending picked up. Inventory investment slowed, and residential investment turned down.

Economic growth slowed in 2011, increasing 1.7 percent after increasing 3.0 percent in 2010. The largest contributors to the growth were durable-goods manufacturing; professional, scientific, and technical services; and information services.

A satellite account adjusts gross domestic product to account for three types of home production activities: production of nonmarket services, a return to consumer durable goods, and a return to government capital attributable to home production.

An update on BEA’s efforts to modernize these accounts to better align them with updated international guidelines.

Personal income grew in 2,932 counties, decreased in 175 counties, and was unchanged in 6 counties in 2010.