Q1 GDP revised upwards after gains in exports, software investment

Washington

US economic growth slowed in the first quarter but not as sharply as previously estimated, with gains in exports and investment in software partially offsetting weak consumer spending.

Gross domestic product (GDP) increased at a 1.1 per cent annual rate, rather than the 0.8 per cent pace reported last month, the Commerce Department said on Tuesday in its third GDP estimate.

First-quarter GDP growth has now be revised higher by six-tenths of a point since the advance estimate was published in April. The economy grew at a rate of 1.4 per cent in the fourth quarter. …