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US economy contracts in Q1

by ChemOrbis Editorial Team -
  • 01/06/2015 (17:41)
According to final data released by the US Commerce Department, growth in the US economy contracted in the first quarter of 2015. The country’s gross domestic product (GDP) contracted 0.7% on annual basis, which indicated a much weaker figure than the Commerce Department’s previous growth estimate of 0.2%. Economists’ initial estimates called for a contraction of 0.9% in the US economy, according to the Financial Times.

The larger than expected deceleration was attributed to a widening trade deficit and smaller inventories as well as a stronger dollar. Heavy winter conditions reportedly also hampered consumer spending more than previously thought.

The data showed that growth in household spending declined by 1.8% after increasing 4.4% in the last quarter of 2014. Exports fell 7.6% in the first three months while imports rose 5.6%.
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