The gross domestic product (GDP) of the United States saw an annual increase of 1.1% in the first trimester of 2023, the Bureau of Economic Analysis revealed in its "advance" estimate on Thursday. The figure came in lower when compared to the fourth quarter of 2022, when the growth stood at 2.6%. The reading was also below analysts' expectations.
"The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in private inventory investment and residential fixed investment," the report noted.
The price index for gross domestic purchases rose 3.8%, while the personal consumption expenditures (PCE) price index saw an incline of 4.2%. Excluding food and energy prices, the PCE price index advanced 4.9%.
