US: Real GDP grows at an annual rate of 1.3% in Q1 vs. 1.1% expected
|- The US BEA revised Q1 GDP higher to 1.3% from 1.1%.
- US Dollar Index stays in positive territory above 104.00.
The real Gross Domestic Product (GDP) of the US expanded at an annualized rate of 1.3% in the first quarter, the US Bureau of Economic Analysis' (BEA) second estimate showed on Thursday. This reading came in above the advance estimate and the market expectation of 1.1%.
"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. Imports, which are a subtraction in the calculation of GDP, increased," the BEA explained in its publication.
Market reaction
The US Dollar preserves its strength after this report and the US Dollar Index was last seen gaining 0.22% on the day at 104.12.
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