U.S. Q1 GDP growth revised up to 2.1% from 1.6%

OdailyOdaily Planet Daily news According to the latest data released by the U.S. government on Thursday, the U.S. economy grew at a faster pace in the first quarter of this year than the previously estimated 1.6%. Data from the U.S. Department of Commerce showed that after adjusting for seasonality and inflation, the final annualized quarterly growth rate of real GDP in the first quarter came in at 2.1%. The Department of Commerce stated that this was mainly attributed to a downward revision in the growth rate of imports for the first quarter. Consumer spending growth was also revised lower. The final quarterly growth rate of real personal consumption expenditures in the first quarter came in at 0.5%, marking the slowest pace in four years. (Jin Shi)