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US Department of Commerce improves GDP growth estimate from 1.1% to 1.3% in Q1

In the Q4 of 2022, the growth rate, according to the latest estimates, was 2.6%

WASHINGTON, May 25. /TASS/. The US Department of Commerce improved its estimate of the country's GDP growth in the Q1 from 1.1% to 1.3% year-on-year, according to the updated data of the department published on Thursday.

According to the ministry, real GDP increased at an annual rate of 1.3% in the Q3 of 2023. In the Q4 of 2022, the growth rate, according to the latest estimates, was 2.6%.

The GDP growth estimate for the Q1 has been revised up by 0.2 percentage point from earlier figures, the department said.

According to the department's most recent forecasts, in the Q4 of 2022, the growth rate reached 2.6%.