News Column

US GDP Growth Revised Downward to 2.4 Percent

May 30, 2013

The US economy grew at a slower pace in the first quarter than originally estimated, expanding at an annualized rate of 2.4 per cent, the government said Thursday.

The rate was 0.1 percentage point lower than the original assessment made last month after imports were less than estimated, the Bureau of Economic Analysis said.

The growth in real gross domestic product (GDP) primarily reflected increases in personal spending, private inventory investment, investments in real estate and exports, it said. These were partially offset by lower federal, state and local government spending, the bureau said.

The growth was better than the 0.4-per-cent expansion seen in the fourth quarter.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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