April 28, 2023

U.S. economic growth slowed to an annual rate of 1.1 percent in the first quarter of this year, according to advance estimates by the Commerce Department's Bureau of Economic Analysis (BEA).

The latest economic figures were well below market expectations of 2 percent growth, and below the 2.6-percent growth seen in the fourth quarter last year.

The deceleration in real GDP in the first quarter mainly reflected a downturn in private inventory investment and a slowdown in nonresidential fixed investment compared to the fourth quarter last year, said the BEA in a statement.

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