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You are here : Stone Home > Info Center > Financial News > U.S. economy growth revised down to 3% in 1Q

U.S. economy growth revised down to 3% in 1Q

Updated:2010-05-28 11:26:37

The Commerce Department said on Thursday that U.S. economic growth in 2010 Q1 had been revised down to an annual rate of 3% from the 3.2% previously reported.

The gain was also slightly weaker than the 3.4% increase that analysts had expected.

The U.S. government usually releases three estimates of the quarterly gross domestic product (GDP) -- the value of all goods and services produced within the United States.

The department said the increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures.

Consumer spending rebounded at a 3.5% pace in the first quarter, the strongest showing since early 2007 -- before the economy tipped into a recession.

The increase in consumer spending, though down from the initial estimate of 3.6%, marked a big improvement from the fourth quarter, when it grew 1.6%.

In the first three months of this year, the increase in business investment, meanwhile, was revised down to 13.1% from the initial estimate of 14 percent.

Many economists believe U.S. economic growth may slow in the second half of the year as government stimulus policies wane.

According to the latest World Economic Outlook report released by the International Monetary Fund last week, the U.S. economy was expected to grow 3.1% in 2010, but only 2.6% in 2011.

But the Federal Reserve last week revised up its forecast of the U.S. economic growth this year, with lower unemployment.

According to the U.S. central bank, the economy could grow between 3.2 percent and 3.7 percent this year. That is stronger than its forecast of a growth range of 2.8% to 3.5% in January.

The unemployment rate would fall to between 9.1 and 9.5% by the end of the year, down from the previous estimates of 9.5 to 9.7%.

 

 

Source:http://news.xinhuanet.com

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