Q1 2018 GDP is 2.3 Percent, Beating Expectations of Below 2 Percent Q1 2018 GDP is 2.3 Percent, Beating Expectations of Below 2 Percent – NTK Network

Q1 2018 GDP is 2.3 Percent, Beating Expectations of Below 2 Percent

The Bureau of Economic Analysis (BEA) reported on first-quarter GDP growth in the U.S. on Friday.

By NTK Staff | 04.27.2018 @10:00am
Q1 2018 GDP is 2.3 Percent, Beating Expectations of Below 2 Percent

The U.S. economy grew at an annual rate of 2.3 percent in the first quarter of 2018, according to the Bureau of Economic Analysis (BEA).

It’s the lowest-performing quarter for the U.S. economy since the first quarter of 2017, but the first quarters of both 2016 and 2017 were weaker than the subsequent three quarters.

The report beat economists’ expectations of sub-two percent growth, according to CNBC.

Many economists had forecast that growth would slip below 2 percent in the first quarter, reflecting a big pullback by consumers after a torrid pace of spending in the fourth quarter. Recent history has shown a pattern of weakness in the first quarter, reflecting in part seasonal data quirks. Analysts expect growth to surpass 3 percent in the current quarter.

President Trump and the GOP have pinned their hopes for more robust economic growth on both deregulation and the tax cuts passed in December.

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