The U.S. economy grew at a significantly swifter pace than previously estimated during the first three months of the year.
Gross domestic product, the government’s broad economic scorecard, rose at a 2.1 percent annual rate in the January through March period, the Commerce Department said Thursday. The figure is seasonally and inflation-adjusted.
The upward revision, the government’s third and final monthly adjustment to the estimate of economic growth, stemmed from a lower estimate for imports. Imports are a subtraction in the calculation of GDP.
Consumer spending growth was also revised lower. The new estimate shows it growing at a seasonally adjusted annual pace of just 0.5 percent, the weakest growth in four years.
An alternative measure of the economy, known as final sales to private domestic purchasers, rose at a 1.7 percent annualized pace, revised down from the earlier estimate of 2.4 percent. This measure excludes government, inventory, and international trade data. In the fourth quarter, it rose at a 1.8 percent pace.
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