US posts 5.6pc growth in Q1
Afp, Washington
The US economy expanded at 5.6 per cent pace in the first quarter, the government said Thursday, revising upward its last estimate of a 5.3 per cent growth rate. The Commerce Department's final estimate for first-quarter gross domestic product (GDP) was in line with market expectations. The higher growth rate mainly stemmed from a downward revision to imports, reflecting the annual revisions to trade data. The change in net exports now cuts less than half its prior amount from growth. The latest revision included an inflation estimate revised downward to 3.1 per cent from 3.3 per cent. The core inflation level, excluding food and energy, held at 2.0 per cent. The report is the third and final estimate of GDP growth for the world's largest economy. The first estimate for the second quarter, expected to show a significant cooling, is set for release July 28.
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