US economy expands 1.3% in Q1, below estimates

Figure revised down from 1st reading of 1.6% made last month, according to Commerce Department's 2nd reading

By Ovunc Kutlu

ISTANBUL (AA) - The US economy expanded 1.3% in the first quarter of 2024, according to the Commerce Department's second reading released Thursday.

The figure is revised down from the first reading of 1.6% made last month.

The market expectation for the figure was to show a gain of 1.6%.

The American economy expanded by 3.4% in the fourth quarter of 2023.

The current dollar GDP increased 4.3% at an annual rate, or $298.9 billion, in the first quarter to reach $28.26 trillion, the Commerce Department said in a statement.

This is a downward revision of $28.6 billion from the previous estimate that was made in April, it added.

Kaynak:

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