US revises GDP growth estimate to 1.1%
Print Edition
THE US economy grew a bit more strongly than thought in the first quarter but the modest pace was the weakest in a year, revised official data showed yesterday.
Growth in gross domestic product — the broad measure of the world’s largest economy’s output in goods and services — was revised upward to 1.1 percent from the previous estimate of 0.8 percent, the Commerce Department said.
That was the slowest growth since the 2015 first quarter’s 0.6 percent slump, when unusually severe winter weather hammered the economy.
“US economic growth, as measured by GDP, took another winter vacation,” said Scott Hoyt of Moody’s Analytics. “However, growth in the second quarter appears to have rebounded sharply and, despite a weak May employment report and increased downside risks generated by the British decision to exit the European Union, prospects are good.”
The first-quarter GDP revision came in slightly better than analysts expected. The economy grew 1.4 percent in the 2015 fourth quarter. The Commerce Department’s third estimate of GDP reflected more data available for the first quarter. Higher exports were a main driver of the upward revision. Exports ticked up 0.3 percent instead of the 2 percent decline previously estimated.
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