The US economy expanded at a higher rate than previously estimated in the first quarter, data showed Thursday, with a downward estimate of imports boosting the figures.Gross domestic product in the world's largest economy rose at an annual rate of 2.1 percent in the first three months of the year, the Commerce Department said in its third estimate of growth data.Its previous estimate had put growth at 1.6 percent, and the new figures were more in line with the government's first estimate of 2.0 percent growth in the first quarter.The new revision was "primarily reflecting a downward revision to imports, which are a subtraction in the calculation of GDP, that was partly offset by a downward revision to consumer spending," the Commerce Department said.Overall contributors to the increase in real GDP included investment, exports, government spending and consumer spending.Among the biggest contributors to the increase was information services, which includes parts of the burgeoning Artificial Intelligence (AI) industry that has powered recent US growth.
Global Market: US revises 2026 first-quarter GDP growth up to 2.1%
The US economy showed stronger growth than initially thought in the first quarter, reaching an annual rate of 2.1 percent. This upward revision was largely due to a decrease in imports, which positively impacts GDP calculations. Key drivers of this expansion included investments, exports, government spending, and consumer spending, with the booming Artificial Intelligence sector playing a significant role.
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