US Q1 GDP Preliminary Estimate Falls 0.3%, Below Expectations

Son Min

Summary

The preliminary estimate of the US Q1 GDP was reported to have fallen by 0.3%, lower than market expectations.
This figure is significantly below the market's expected 0.2% increase.
The US Department of Commerce stated that this announcement is a preliminary estimate, with advance and final estimates to be released later.

The preliminary estimate of the United States' GDP for the first quarter of this year fell by 0.3% compared to the previous quarter, falling short of market expectations.

According to data released by the U.S. Bureau of Economic Analysis on the 30th (local time), the preliminary GDP estimate recorded a 0.3% contraction compared to the previous quarter, falling short of the market expectation of a 0.2% increase.

The growth rate figure announced today is a preliminary estimate. The U.S. Department of Commerce releases GDP figures three times: preliminary, advance, and final estimates.