US GDP growth slows to 1.6% in first quarter
The U.S. economy slowed in the first quarter, expanding at a 1.6% annualized rate and offering fresh evidence that higher interest rates are taking a toll on borrowing and spending.
© Reuters
Economia EUA
The U.S. economy’s gross domestic product, the total output of goods and services, slowed to a 1.6% annualized rate in the January-March period, the Commerce Department estimated in its first reading of the data released Thursday. That compares with a robust 3.4% pace in the final three months of 2023.
Consumers continued to drive growth in the first three months of this year but pulled back on spending, and businesses also slowed their pace of inventory accumulation.
While inflation has cooled significantly, to 3.5% from a peak of 9.1% last summer, prices are still running well ahead of pre-pandemic levels.
Still, the U.S. economy continues to outpace growth in other developed economies around the world. The International Monetary Fund projects the world’s largest economy will grow 2.7% in all of 2024, up from 2.5% last year and more than double the growth the IMF expects this year for Germany, France, Italy, Japan, the United Kingdom and Canada.
The U.S. reports its growth at an annualized rate, a measure that compares GDP with the previous quarter and then projects that change over a full year.
See Also: European stock markets mixed, awaiting more results (Portuguese version)
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