Inspenet, May 25, 2023
US Gross Domestic Product (GDP) growth slowed in the first quarter of the year, but less than expected, to an annualized rate of 1.3%, according to a second estimate released by the Commerce Department .
“The revised estimate primarily reflects an upward revision to private investment in inventories,” the department said in a note.
The first estimate had been of an annualized growth of 1.1%, the measure preferred by the United States, which compares GDP with that of the previous quarter and then projects the evolution of the first quarter.
US economy: First quarter GDP defies expectations with positive results
The full-year rate is a sharp drop from the fourth quarter of 2022, when the economy grew by 2.6%.
Using the same calculation method as other advanced economies, compared to the previous quarter, growth remains at 0.3%, half the pace of the last quarter of 2022 (+0.6%).
This slowdown is related to the actions of the Federal Reserve (Fed) to fight high inflation using the increase in interest rates as a tool.
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