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Sorry, please use a different browser. US first quarter economic growth rate closes at 1.6%… Falling significantly short of expectations
The US first quarter growth rate was found to be slower than market expectations.
The US Department of Commerce announced on the 25th local time that gross domestic product (GDP) increased by 1.6% in the first quarter of this year.
This slows from 3.4% in the fourth quarter of last year and is below the expert forecast of 2.4%.
The Commerce Department said the figures “primarily reflect a slowdown in consumption, exports, and state and local government spending.”
The inflation rate in the first quarter also rose significantly, with the personal consumption expenditure price index rising 3.4% in the first quarter, significantly higher than the 1.8% recorded in the previous quarter.
Reporter Hyungmin Moon (moonbro@yna.co.kr)
#USA_economic growth rate
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