4/27/2018, 2:30 PM (Source: TeleTrader)
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US GDP rises 2.3% in Q1

The United States real gross domestic product (GDP) grew 2.3% in the first quarter of 2018, according to an advance estimate by the Bureau of Economic Analysis released on Friday. In the previous quarter, the real GDP rose at a rate of 2.9%.

The larger-than-expected increase in real GDP was mostly boosted by positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), exports, private inventory investment, federal spending and state and local government spending. Imports, which were subtracted from the GDP figure, saw a rise.

The PCE price index rose by 2.7% during the first three months of the year, recording the same growth as in the previous quarter. Excluding food and energy prices, the PCE price index was up by 2.5%, compared to a growth of 1.9% in the last three months of 2017.

The report noted that the published data is incomplete and subject to further revision. A second estimate will be released on May 30.

Breaking the News / NP