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30.05.2024

U.S. economy advances less than initially estimated in Q1 2024

A report from the Commerce Department revealed on Thursday that the U.S. economy advanced less than initially estimated in the first quarter of 2024, primarily reflecting a downward revision to consumer spending. 

According to the second estimate, the U.S. gross domestic product (GDP) grew at an annual rate of 1.3 per cent in the first quarter, compared to a 1.6 per cent q-o-q growth reported in the advance estimate. 

Economists had anticipated the growth rate to be revised to 1.3 per cent.

In the previous quarter, the economy expanded by 3.4 per cent q-o-q.

The first-quarter increase in real GDP was mainly due to gains in consumer spending, residential fixed investment, non-residential fixed investment, and state and local government spending. These increases, however, were partly offset by a decline in private inventory investment. Meanwhile, imports, which are a subtraction in the calculation of GDP, rose.

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