US GDP grows 1.3% amid global challenges

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.

1861 economia PIB EE. UU. shutterstock interna

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.

Source :

Photos : Shutter Stock

Don’t miss the Inspenet News at:

Related news

Share this news on your social networks