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Economy contracts more than estimated in Q1, says US govt
Hindustan Times Noida
|June 27, 2025
The US economy contracted more than previously estimated in the first three months this year, according to government data released on Thursday, with consumer spending and exports weaker than expected.
WASHINGTON:
US GDP decreased at an annual rate of 0.5% in the first quarter, according to the Department of Commerce.
This was down from an earlier estimate of a 0.2% decline, and lower than the 2.4% increase in the fourth quarter last year. Overall consumer spending increased at a 0.5% pace, instead of the previously reported 1.2%.
The data came after an import surge that was triggered by US President Donald Trump's sweeping tariffs since returning to the White House this year.
This story is from the June 27, 2025 edition of Hindustan Times Noida.
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