Rough first quarter GDP shows 2.08 percent growth

Today, the Bureau of Economic Analysis (BEA) released their first "estimate" of the Q1 2012 GDP report showing that the economy continued to expand with real GDP increasing at an annualized rate of 2.2% from Q4 2011.

On a year-over-year basis real GDP increased 2.08% while the quarter-to-quarter non-annualized percent change was 0.55%.

The latest quarterly results indicate that the most notable source of weakness in the economy came from government defense spending which declined at a rate of 8.1% from Q4 2011 while other categories such as non-residential structures also saw notable weakness declining at a rate of 12% from Q4 2011 shaving 0.35% from real GDP. 

Fixed residential investment, on the other hand, expanded notably (supposedly) increasing at a rate of 19.1% while over the same period.
Keep in mind that these results are likely very poorly estimated and are sure to be revised notably in following quarters and even years to come.