The U.S. economy started the year with its slowest pace of expansion since the second quarter of 2023, according to data released by the Commerce Department. This marked a significant slowdown from the rapid recovery seen in 2023 but did not show signs of a recession. Real gross domestic product (GDP) increased by 1.6% in the first quarter of this year compared to the fourth quarter of 2023, which was lower than the consensus economist estimates of 2.5%.
Despite this slower growth, the overall economic outlook remains positive, especially considering the Federal Reserve’s efforts to curb inflation that had led to a technical recession two years ago. Investors reacted negatively to the lower-than-expected GDP growth, with S&P 500 futures dropping more than 0.7% and earnings also impacting equity prices. The U.S. economy’s nominal GDP in the first quarter was $28.3 trillion, reinforcing its position as the largest global economy.
Real GDP growth is an important indicator as it accounts for inflation and currency exchange differences
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