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The U.S. economic outlook for 1989-90: May 1989 forecast update.
The U.S. Economic Outlook for 1989-90: May 1989 Forecast Update
Introduction Preliminary data for the first quarter of 1989 indicate that real GNP grew at a 5.5 percent annual rate following the 2.4 percent increase posted for the fourth quarter of 1988. The effect of last year's drought reduced fourth quarter growth by an estimated 1.1 percentage points, while the return to normal growing conditions in 1989, which is assumed in the estimate of first quarter growth, added 2 1/2 percentage points to the preliminary estimate of first quarter growth. Thus, excluding the effects of the drought, real GNP grew at a 3 percent annual rate in the first quarter of 1989 ...
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