Gross domestic product, a broad measure of goods and services produced across the U.S. economy, expanded at a 0.8% seasonally adjusted annual rate in the first three months of 2016, the Commerce Department said Friday.
That was up from the agency’s initial estimate last month, which pegged the first quarter’s growth rate at 0.5%. Economists surveyed by The Wall Street Journal expected growth would be revised up to a 1.0% pace.
Economic activity had expanded at a 1.4% pace in the fourth quarter of 2015. On an annual basis, GDP grew 2.0% in the first quarter, identical to the fourth quarter’s annual growth rate.
Revisions were fairly modest. Compared with last month’s report, the latest figures showed a larger gain for residential investment and smaller drags on overall growth from private inventories and foreign trade.
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