US economy grew 1.6% in the first quarter

The increase in this period reflected the continued economic recovery of the country.

The United States economy registered 1.6% growth in the first quarter of the year, unchanged from the first calculation made a month ago, and a sign of the economic recovery underway after the crisis caused by the covid-19 pandemic , reported today the Office of Economic Analysis (BEA) .

This is the second estimate that the US Government has made of economic activity at the beginning of the year after the annual contraction of the Gross Domestic Product (GDP) of 3.5% registered in 2020.

“The increase in the first quarter reflected the continued economic recovery, the reopening of businesses, and the continued response of the Government related to the pandemic, “
 said the official report.

Among them, he mentioned direct transfers, the extension of the unemployment benefit and aid to small and medium-sized enterprises.

The upward revision in consumer spending was offset by the decline in exports, it added to the report.

Regarding the annualized rate,

The growth that the US economy will register if it maintains this rate throughout the year, the figure would be 6.4%.

US President Joe Biden, who has proposed a multi-million dollar plan to invest in infrastructure and social protection programs, has assured that US growth in 2021 could exceed 6% per year, something that has not happened in the past. country since the 1980s.

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