The U.S. economy grew at an annual rate of 1 percent in the first quarter of this year, faster than the 0.9 percent pace estimated a month ago, the Commerce Department reported Thursday.
The first-quarter growth rate for gross domestic product or GDP followed growth paces of 0.6 percent in the final three months of 2007 and 4.9 percent in the third quarter of last year.
"The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE) for services, exports of goods and services, and federal government spending that were partly offset by negative contributions from residential fixed investment and PCE for durable goods," said the department while releasing the report.
Source: Xinhua
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