US economy grows 6.4 pct in Jan.-Mar. period
( MENAFN ) On Thursday, May. 27 the Commerce Department’s second figure of the statistics, which were unchanged from the first figure, showed that the US economy grew by a yearly rate of 6.4 percent in the January-March period of 2021.
Analysts predicted the gross domestic product (GDP) to increase 6.1 percent, whereas real GDP soared 4.3 percent in the last three months of the past year.
After the US economy contracted by an all-time 31.4 percent in the second quarter of 2020 amidst the COVID-19 pandemic, GDP rose 33.4 percent in the third quarter. The world’s biggest economy shrank 3.5 percent last year – its worst decline since 1946.
The agency noted: “upward revisions to consumer spending and nonresidential fixed investment were offset by downward revisions to exports and private inventory investment.”