US real GDP expands 1.3% in first quarter vs. 1.6% in first estimate
- The BEA revised Q1 US GDP growth lower to 1.3%.
- US Dollar Index stays in negative territory below 105.00.
The US' real Gross Domestic Product expanded at an annual rate of 1.3% in the first quarter, the US Bureau of Economic Analysis' (BEA) second estimate on Thursday. This reading followed the 1.6% growth recorded in the first estimate and came in line with the market expectation.
"With the second estimate, downward revisions to consumer spending, private inventory investment, and federal government spending were partly offset by upward revisions to state and local government spending, nonresidential fixed investment, residential fixed investment, and exports," the BEA explained. "Imports were revised up."
Market reaction
The US Dollar (USD) came under bearish pressure with the immediate reaction. At the time of press, the USD Index was down 0.3% on the day at 104.80.