US economy first quarter growth at 2.5%
- Published: 26 Apr 2013 at 19.49
- Online news:
The US economy grew at a pace of 2.5 percent in the first quarter of 2013, with cuts in government spending offsetting private consumption and investment gains, the Commerce Department said Friday.
The first estimate of GDP growth in the first quarter was a solid rebound from the previous quarter's poor 0.4 percent pace, but it came in below the average analyst forecast of 2.8 percent.
The comeback in the housing sector was one of the key drivers behind the gain, with residential investment rising 12.6 percent.
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