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The US economy has shrunk more than previously estimated – US GDP in the first quarter of 2022

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In the first quarter of 2022, the US economy shrank more than previously estimated. According to the Bureau of Economic Analysis (BEA), GDP is down 1.6 percent year-on-year. It was expected to decline by 1.5 per cent.

Initially, it was estimated for the period from January to March 2022 American economy Contracted 1.4 percent. The second calculation stated that the volume of GDP was -1.5%. Such a conclusion was also expected by economists surveyed by the Reuters agency. However, the final calculation is down 1.6%.

According to the BEA, the slower-than-expected increase in consumer spending led to a 0.1 point decline. This was partly offset by increased private investment in goods.

Economy in the United States

According to CNN, the latest data shows that economic growth has been negative since the first quarter, raising fears of a recession.

“US GDP at the end of the first quarter was -1.6%, which was expected to fall to -1.5%, but if you take into account the value of the previous period, the difference between the expected value and the current value was not large. At that time GDP was 6.9%.” Maklerski wrote TMS Brokers.

In the fourth quarter of 2021, US economic growth was 6.9%, compared to 2.7%. More than the corresponding period of 2019.

Reuters, CNN, TVN24 Biznes

Main photo source: Ryan DeBerardinis / Shutterstock.com

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