US economy grew at 6.4% in 2021 Q1

The US economy grew at an annual rate of 6.4 per cent in the first quarter of 2021, the Commerce Department reported.

Upward revisions to non-residential fixed investment, private inventory investment, and exports were offset by an upward revision to imports, which are a subtraction in the calculation of gross domestic product (GDP), according to the latest estimate released on Thursday by the Department’s Bureau of Economic Analysis.

The increase in real GDP in the first quarter reflected increases in personal consumption expenditures (PCE), non-residential fixed investment, federal government spending, residential fixed investment, and state and local government spending, which were partly offset by decreases in private inventory investment and exports, the Bureau said, adding that imports increased, reports Xinhua news agency.

The increase in first quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the Covid-19 pandemic, the Bureau said.

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