![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpLrDqt4S1Utyp3yZlSW1XAipDfqpo3uPz45BmlIjKlwGiCAEGMGd0Z3y5oVs94gOKvKJLCaPjavK_4wAegbDFdT9S26GRDm-530gnhPJKNvTwDa8eji04EHU-8g1Sqbve4WnxeQ/s400/bulltrip.jpg)
Looking at the report more closely it’s easy to see that the quarter was a disaster overall with huge double-digit declines to Durable Goods, Imports (actually a benefit) and Exports as well as Fixed Investment.
Fixed investment provided significant drags on growth with non-residential investment declining -19.1% and residential investment declining -23.6%.
The following chart shows real residential and non-residential fixed investment versus overall GDP since Q1 2003 (click for larger version).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVXDBPTKfSpmjCn6qy-52oBmRYdnkQs2UqIVoRlMFRPb2rEe2mZ6KgKAoD1wCHUv-xCsO3VdvV6VcA6qnYaXpVwLrkz_DGhkSo3VevQlYclbSzhG0GQL8muvdgZLWWMRPc7m3dfA/s400/gdp04081.jpg)