US Q1 GDP Down 1.4% vs 6.9% Growth in Q4, Commerce Dept. Says in First Estimate
US Gross Domestic Product contracted by 1.4% in the first quarter of this year, the Commerce Department said Thursday in a preliminary estimate for the period which compared with a growth of 6.9% in the fourth quarter of 2021
WASHINGTON (Pakistan Point News / Sputnik - 28th April, 2022) US Gross Domestic Product contracted by 1.4% in the first quarter of this year, the Commerce Department said Thursday in a preliminary estimate for the period which compared with a growth of 6.9% in the fourth quarter of 2021.
"Real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022 " the Bureau of Economic Analysis, a unit within the Commerce Department, said in a news release.
Economists surveyed by US media had projected a 1.0% reading for the first quarter. The department issues three GDP readings altogether for each quarter.