Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the “advance” estimate. In the fourth quarter of 2023, real GDP increased 3.4 percent. The increase in the first quarter primarily reflected increases in consumer spending and housing investment that were partly offset by a decrease in inventory investment. Imports, which are a subtraction in the calculation of GDP, increased. Economic growth came in well below expectations, while inflation came in somewhat higher; the cost of personal consumption, excluding food and energy, rose at a 3.7 percent annual rate, up from just 2 percent in the previous quarter.
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