US real gross domestic product grew at an annual rate of 2.2% in the first quarter, according to the second estimate of GDP growth released today by the US Commerce Department. The new estimate is down from the previous estimate, which pegged growth at 2.3%.

While the general picture of economic growth remains the same, the new estimate reflects downward revisions to private inventory investment, residential fixed investment, and exports that were partly offset by an upward revision to nonresidential fixed investment.

Real GDP for the US increased 2.9% in the fourth quarter of 2017.

MarketWatch’s poll of economists had forecast GDP would be unchanged. It attributed the slowdown mainly to a slower buildup in inventories, and reported the revised first-quarter report doesn’t change anything in the big picture. All signs point to faster growth in the spring, with economists predicting GDP is likely to top 3% for the third time in the past five quarters, according to MarketWatch.

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