US economy grew 1.0 percent in first quarter

0 Comments | AFP, June, 2008

WASHINGTON (AFP) — The US economy grew at an annual 1.0 percent pace in the first quarter of the year, stronger than previously estimated, the government said Thursday.

The Commerce Department revised up the estimate for gross domestic product (GDP) growth from last month's figure of 0.9 percent.

The final revision, which signals a modest gain in momentum in the face of headwinds from housing and credit crises, was in line with analyst expectations.

However, expansion at a 1.0 percent annual pace remains subpar for the world's top economic powerhouse.

The revision reflected increases in consumer spending for services, higher exports of goods and services lifted by a weak dollar, and federal government spending, the Commerce Department said.

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