US economy expands 6.4% to $22.06T in Q1

By Ovunc Kutlu

ANKARA (A) - The US economy expanded by an annual rate of 6.4% in the first quarter, according to the Commerce Department's third and final reading of the data on Thursday, which was unchanged from the first reading.

The data came in line with market expectations, while real gross domestic product (GDP) increased 4.3% in the fourth quarter of 2020. The world's largest economy contracted 3.5% in 2020 – its worst drop since 1946.

GDP, based on the current US dollar, increased $566.8 billion in the first quarter to $22.06 trillion, it said, adding GDP rose $324.4 billion in the fourth quarter.

"Upward revisions to nonresidential fixed investment, private inventory investment, and exports were offset by an upward revision to imports," the Commerce Department said in a statement.