US economy has grown slightly faster than previously known
The US economy grew slightly stronger than previously known at the beginning of the year. The Gross Domestic Product (GDP) increased by 1.4 percent compared to the previous quarter, according to the announcement by the Trade Ministry in Washington on Thursday.
A previous estimation was revised up by 0.1 percentage points. In the last quarter of 2023, the world's largest economy still grew significantly stronger by 3.4 percent.
US growth figures are annualized, meaning they are calculated on a yearly basis. They indicate how fast the economy would grow if the growth rate were sustained for a year. In Europe, this method is not used, which is why the figures cannot be directly compared. To obtain a comparable growth rate with Europe, one would have to divide the US rate by four.
The US economy's growth at the start of the year contributed to a slight improvement in its overall performance. As we move forward in the new year, it's essential to closely monitor these developments in the US economy.
