First quarter GDP unchanged at robust 6.4% annual rate

The U.S. economy grew at a robust annual rate of 6.4% in the first three months of this year, unchanged from the government’s initial estimate

WASHINGTON -- The U.S. economy grew at a robust annual rate of 6.4% in the first three months of this year, unchanged from the government's initial estimate. The recovery from last year's deep recession gained steam at the beginning of this year, helped by vaccines to combat the virus and trillions of dollars in government assistance. The rise in the gross domestic product, the economy's total output of goods and services, was the same as the government's first look one month ago, the Commerce Department reported Thursday. Upward revisions in spending by consumers, who account for two-thirds of economic activity, was offset by weaker growth in exports. Economist believe GDP growth could top 10% in the current April-June quarter. For the year, economists expect growth to top 6%, giving the country the strongest economic performance since a 7.2% gain in 1984, when the country was also recovering from a deep recession. The 6.4% first quarter performance represented an improvement after GDP growth slowed to a 4.3% rate in the final three months of last year, a time when rising coronavirus cases and waning government support raised fears that the country could tip back into recession.