U.S. economy expands 1.4% in 1st quarter, final reading shows

The U.S. economy expanded 1.4% in the first quarter of 2024, according to the Commerce Department's third and final reading released Thursday.

The figure is slightly revised up from the second reading of 1.3% made last month.

The American economy expanded by 3.4% in the fourth quarter of 2023.

The current dollar GDP increased 4.5% at an annual rate, or $312.2 billion, in the first quarter to reach $28.77 trillion, the Commerce Department said in a statement.

This is an upward revision of approximately $13.2 billion from the previous estimate that was made in May, it added.

The second reading last month showed the current dollar GDP increasing 4.3% at an annual rate, or $298.9 billion, to stand at $28.26 trillion.