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This is the third release of the indicator and it marks an upward revision from the previous forecast, which predicted a 1.3% increase.
US executives confirmed today that the North American economy grew at an annualized rate of 1.4% in the first quarter of this year.
The BEA explained that the improvement “primarily reflects a downward revision to imports (a subtraction in the GDP calculation) and upward revisions to nonresidential fixed investment and government spending.”
The increase in real gross domestic product (GDP) primarily reflected increases in consumer spending, residential fixed investment, nonresidential fixed investment, and state and local government spending, partially offset by a decrease in private inventory investment.
However, GDP growth in the first quarter decelerated sharply from 3.4% in the last quarter of 2023.
The quarterly slowdown was due to a moderation in private consumption, exports and public spending, although these changes were partly offset by an acceleration in residential investment.
The United States reports its growth rate as an annualized rate, which compares GDP to the previous quarter’s GDP and then projects how that growth rate will change over the full year.
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