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US GDP contraction for Q1 revised down to 0.2%

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/06/2015 (15:00)
According to media reports, the US economy contracted at a slower pace than previously estimated in the first quarter. Gross domestic product contracted 0.2% at a seasonally adjusted rate in the first quarter, suggesting a stronger trajectory for the US economy later in 2015. The US Commerce Department had initially estimated a 0.7% contraction in the economy from January to March. A survey conducted by The Wall Street Journal, however, predicted a 0.2% contraction in Q1. The revision was attributed to stronger than expected consumer spending and firms’ increased level of inventory.

Exports fell by 5.9% in the first quarter whereas an initial estimate called for a 7.6% decline. Imports, however, rose by 7.1%, exceeding the preliminary estimated increase of 5.6%. Government spending, meanwhile, declined 0.6% in the first quarter. An initial estimate had called for a 1.1% decrease.

The US economy is expected to grow between 1.8% to 2.0% in 2015, according to the Federal Reserve. This forecast suggests a slowdown in growth compared to 2014.
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