The US Department of Commerce has released preliminary Gross Domestic Product (GDP) data for the January-March period.
According to the data, the GDP in the United States increased by an annualized rate of 1.6 percent in the first quarter of this year. The growth rate marked the lowest rate since the contraction in the second quarter of 2022.
The US economy was expected to grow by 2.5 percent during the period, falling below expectations.
The country’s economy showed a growth performance of 3.4 percent in the fourth quarter of 2023 and a 2.5 percent growth throughout last year.
The increase in consumer spending, housing and non-residential fixed investments, as well as state and local government spending, contributed to the growth in the first quarter. Meanwhile, private inventory investment decreased, and imports increased during the same period.
The personal consumption expenditures price index rose by 3.4 percent in the first quarter. The 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 expenditures, also rose 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 risen by 2 percent in the last quarter of the previous year.
source: aa.com.tr/ prepared by Melisa Beğiç