The growth figures for the United States, closely monitored by global markets, have been announced.
The US Department of Commerce has released preliminary data on Gross Domestic Product (GDP) for the January-March period. According to this, GDP in the first quarter of this year increased by an annualized rate of 1.6 percent in the United States. It is noteworthy that this growth is the lowest rate since the contraction in the second quarter of 2022.
The US economy, which grew by 3.4 percent in the last quarter of 2023 and by 2.5 percent throughout last year, was expected to grow by 2.5 percent during the said period.
In the first quarter of the year, the increase in consumer spending, housing and non-residential fixed investment, as well as state and local government spending, contributed to the growth of the US economy. During the same period, there was a decrease in private inventory investment, while imports increased.
The Personal Consumption Expenditures Price Index rose by 3.4 percent in the first quarter of the year. The Personal Consumption Expenditures Price Index had increased by 1.8 percent in the last quarter of the previous year.
The core Personal Consumption Expenditures Price Index, which excludes food and energy expenses, also increased by 3.7 percent during the same period. Market expectations were for the core Personal Consumption Expenditures Price Index to increase by 3.4 percent during this period. The core Personal Consumption Expenditures Price Index had increased by 2 percent in the last quarter of the previous year.
