U.S. economic growth accelerated in the first quarter, the government confirmed on Thursday, but the export and inventory boost to activity masked weakness in domestic demand, some of which appears to have prevailed in the current quarter.
Gross domestic product increased at a 3.1% annualized rate, also driven by strong defense spending, the government said in its third reading of first-quarter GDP. That was unchanged from its estimate last month. The economy grew at a 2.2% pace in the October-December period.
Despite the unchanged reading, growth in consumer spending was revised lower and business investment in intellectual property products was stronger than previously estimated.
Economists polled by Reuters had expected first-quarter GDP growth would be unrevised at a 3.1% rate.
Source : Reuters
Post by : Republic of Turkey Ministry of Trade