The Commerce Department announced that US gross domestic product (GDP) growth slowed significantly in the first quarter to 1.1% due to reduced investment and despite household consumption being curbed.
The US economy slowed significantly in the first three months of the year compared to the previous quarter, when growth was 2.6%, according to the final data.
The figures were well below analysts’ estimates, which, according to Briefing.com’s forecasts, had expected growth of 2% for the quarter.
Source: Kathimerini
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