Financial News: U.S. GDP Growth Slows Much More Than Expected

U.S. GDP Growth Slows Much More Than Expected In Q1

04/27/2023 - 08:39:00 (RTTNews)

(RTTNews) - Preliminary data released by the Commerce Department on Thursday showed U.S. economic growth slowed by much more than expected in the first three months of 2023.

The report said real gross domestic product increased by 1.1 percent in the first quarter after jumping by 2.6 percent in the fourth quarter of 2022. Economists had expected the pace of GDP growth to slow to 2.0 percent.

The Commerce Department said the slowdown in GDP growth primarily reflected a downturn in private inventory investment and a slowdown in non-residential fixed investment.

Meanwhile, an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment helped limit the downside.

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