Activity in the US economy stagnated in the first quarter, due to a large increase in imports and a decrease in state defense spending, but there was also an increase in company investments in equipment and a recovery in exports, according to a report published today by the Ministry of Commerce.
During the January-March period, economic activity fell "less than 0,1 percent" compared to the previous quarter when it had grown by 0,6 percent, according to the ministry.
Compared to the first quarter of last year, activity increased by 2,0 percent. In the October-December period, it had increased by 2,5 percent.
The analyzed rate, which shows how much GDP would have increased or decreased if the quarterly trend had continued for a full year, marks a decline in activity of 0,3 percent. In the fourth quarter, it showed an increase of 2,4 percent, writes bbc.
According to this indicator, GDP decreased because the increase in imports and the decrease in state spending outweighed the increase in investments and exports, the ministry's report states.
Many companies have rushed to increase their reserves before the imposition of customs tariffs, which has been reflected in increased imports, mainly of consumer and capital goods (machinery, equipment).
According to the norm, imports in the first quarter increased by 41,3 percent. In the previous quarter, they had fallen by 1,9 percent. On the other hand, the federal government reduced defense spending by 8,0 percent, also on an adjusted annual basis. In the previous quarter, these expenditures had increased by 4,8 percent.
Personal consumption slowed significantly, growing by just 1,8 percent (annualized), from 4,0 percent in the previous quarter. Meanwhile, companies' spending on machinery rose by 22,2 percent on an annualized basis, after a decline of 8,7 percent in the fourth quarter.
Exports also recovered, with an increase of 1,8 percent on an annualized basis, after falling by 0,2 percent in the previous quarter, the ministry report said. /Telegraph/
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