2023.05.2512:44:00UTC+00U.S. First Quarter GDP Growth Unexpectedly Upwardly Revised

Economic growth in the U.S. slowed less than previously estimated in the first three month of 2023, according to revised data released by the Commerce Department on Thursday.

The Commerce Department said gross domestic product climbed by 1.3 percent in the first quarter compared to the previously estimated 1.1 percent increase. Economists had expected the pace of GDP growth to be unrevised.

Despite the upward revision, the GDP growth in the first quarter still reflects a slowdown from the 2.6 percent jump seen in the fourth quarter of 2022.