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- U.S. economy expands more than forecast in Q1
U.S. economy expands more than forecast in Q1
The
Commerce Department released on Thursday its advance estimate for the U.S.
gross domestic product (GDP) for the first quarter of 2021, which revealed the
U.S. economy grew more than forecast in the reviewed period.
According
to the estimate, the U.S. real GDP expanded at an annual rate of 6.4 percent
q-o-q last quarter, following a 4.3 percent q-o-q growth in the fourth quarter
of 2020, reflecting the continued economic recovery, reopening of
establishments, and continued government response related to the COVID-19
pandemic.
Economists
had expected GDP to increase by 6.1 percent q-o-q.
According
to the report, the advance in real GDP in the first quarter reflected gains in
personal consumption expenditures (PCE), nonresidential fixed investment,
federal government spending, residential fixed investment, and state and local
government spending, which were partly offset by declines in private inventory
investment and exports. Meanwhile, imports, which are a subtraction in the
calculation of GDP, rose.
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