Revised data issued by the US Department of Commerce, Thursday, showed that the US economy grew during the first quarter of this year by more than preliminary estimates issued earlier.
The US Department of Commerce said that the US economy grew by 2% of the gross domestic product, while the initial estimates were 1.3%.
Analysts had expected the growth rate to remain unchanged.
Higher growth data than preliminary estimates reflected an increase in exports and consumer spending, compared to a decrease in fixed investment numbers in non-residential real estate and federal government spending, according to the revised data.
Despite the increase in growth-adjusted data during the first quarter, it is still lower than the rate recorded in the last quarter of last year, which was 2.6% of GDP.
The decline in the growth rate during the first quarter compared to the last quarter of last year reflects a decline in investment in private stocks, and a slowdown in non-residential fixed investments.
