2023-04-27 13:24:08
Consumption contributed to giving impetus to the largest economy in the world at the beginning of 2023, but the recent crisis in the banking sector and the rise in interest rates are likely to affect expectations.
The gross domestic product of the United States rose at an annual rate of 1.1 percent in the January-March period, following recording 2.6 percent in the fourth quarter of last year.
“Compared to the fourth quarter (of last year), the slowdown in real GDP in the first quarter (of this year) mainly reflects a decline in private inventory investment and a slowdown in non-residential fixed investment,” the Commerce Department said in a statement.
This was partly offset by accelerated consumer spending and increased exports, she added.
The ministry said in a statement that the GDP figure “reflects increases in consumer spending, exports and federal government spending” with some form of investment.
© 2023 AFP
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