US GDP contraction for Q1 revised down to 0.2%
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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