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27.06.2024

U.S. economy grows slightly more than previously estimated in Q1 2024

A report from the Commerce Department revealed on Thursday that the U.S. economy grew marginally more than previously estimated in the first quarter of 2024, due to a downward revision to imports, which are a subtraction in the calculation of GDP, and upward revisions to non-residential fixed investment and government spending, which were partly offset by a downward revision to consumer spending. 

According to the third estimate, the U.S. gross domestic product (GDP) expanded at an annual rate of 1.4 per cent in the first quarter of 2024, being slightly above the 1.3 per cent advance reported in the second estimate. Still, this was the weakest growth rate since a contraction in the second quarter of 2021 (-0.6 per cent q-o-q). 

Economists had anticipated the growth rate to be revised to 1.4 per cent q-o-q.

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

The first-quarter rise in real GDP primarily reflected gains in consumer spending, residential fixed investment, non-residential fixed investment, and state and local government spending that were partly offset by a decline in private inventory investment. Meanwhile, imports went up.

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