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Financial News: U.S. GDP Climbs Slightly More Than Previously Estimated

U.S. GDP Climbs Slightly More Than Previously Estimated In Q1

06/27/2024 - 08:42:00 (RTTNews)

(RTTNews) - The U.S. economy grew by slightly more than previously estimated in the first quarter of 2024, according to a report released by the Commerce Department on Thursday.

The report said gross domestic product jumped by 1.4 percent in the first quarter compared to the previously estimated 1.3 percent increase. The upward revision matched economist estimates.

The GDP growth in the first quarter still reflects a notable slowdown compared to the 3.4 percent surge in the fourth quarter of 2023.

The Commerce Department said the upward revision primarily reflected a downward revision to imports, which are a subtraction in the calculation of GDP, and upward revisions to non-residential fixed investment and government spending.

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