The U.S. economy slowed less in the first quarter than originally estimated expenditure due to unexpectedly higher consumer and a larger jump in exports.
Gross domestic product rose 1.4 percent annual rate instead of the 1.2 percent pace, the last month reported, said the Commerce Department in its final assessment on Thursday.
It was still the slowest growth rate since the second quarter of last year. Economists from Reuters had expected the GDP growth rate unchanged at 1.2 percent.
The GDP for the period from January to March tends to be the Performance compared to the rest of the year due to the continuous problems with the calculation of the data the government has said it is already working on a solution.
In the first quarter, the economic growth would be boosted by a correction to the above, the consumer spending, which accounts for more than two-thirds of the US economy. Consumer spending rose at a 1.1 percent rate instead of the previously reported 0.6 percent pace. It was still the slowest pace since the second quarter of 2013.
In spite of the upward correction, the Trump administration’s goal of quickly boosting the US said growth to 3 per cent remains a challenge. A sustainable average of 3 percent growth has not been seen since the 1990s. Since the year 2000, the US economy grew at a rate average of 2 percent. The US economy expanded by 1.6 percent in 2016, the lowest rate in five years.
President Donald Trump reductions in the economic program of tax, regulatory rollbacks and expenditure for the infrastructure from the ground up from five months in his presidency.