U.S. 1st-quarter GDP contraction revised down to 1.5%

Politics Economy

The U.S. government revised downward on Thursday the country's economic contraction for the January to March period by 0.1 point to an annualized real 1.5 percent. The first decline in gross domestic product since the April to June period of 2020 -- in the depths of the coronavirus-driven recession -- was partly attributable to falls in exports in the wake of Russia's war in Ukraine. According to the Commerce Department, personal spending, which accounts for two-thirds of the world's largest economy, grew 3.1 percent in the first quarter of this year, up from 2.7 percent in preliminary data re...

Kyodo News

Kyodo News