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- U.S. economy expands as previously estimated in Q1
U.S. economy expands as previously estimated in Q1
A
report from the Commerce Department showed on Thursday that the U.S. economy
grew as initially estimated in the first quarter of 2021, as upward revisions
to nonresidential fixed investment, private inventory investment, and exports
were offset by an upward revision to imports, which are a subtraction in the
calculation of GDP.
According to the third estimate, the U.S. gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter, as it was reported in the second estimate.
Economists
had expected the growth rate to be unrevised at 6.4 percent.
In
the fourth quarter of 2020, the economy expanded by 4.3 percent q-o-q.
The
increase in real GDP reflected gains in personal consumption expenditures
(PCE), nonresidential fixed investment, federal government spending,
residential fixed investment, and state and local government spending that were
partly offset by declines in private inventory investment and exports. Meanwhile,
imports rose.
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