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- U.S. economic Q1 growth unrevised at 3.1%
U.S. economic Q1 growth unrevised at 3.1%
The Commerce
Department reported on Thursday that its the "third" estimate revealed
the U.S. gross domestic product (GDP) grew at a 3.1 percent annual rate in the
first quarter of 2019, unchanged from the "second" estimate issued
last month.
Economists had
expected the growth rate to be unrevised at 3.1 percent.
In the fourth
quarter of 2018, the economy expanded by 2.2 percent.
The increase in
real GDP in the first quarter reflected positive contributions from exports, personal
consumption expenditures (PCE), nonresidential fixed investment, private
inventory investment, and state and local government spending that were
slightly offset by a negative contribution from residential fixed investment.
Imports, which are a subtraction in the calculation of GDP, declined.
Meanwhile, the
acceleration in real GDP in the first quarter reflected an upturn in state and
local government spending and accelerations in private inventory investment and
in exports. These movements, however, were partly offset by a deceleration in
PCE. Imports decreased in the first quarter after increasing in the fourth
quarter.
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