The U.S. economy grew by much more than previously estimated in the first quarter of 2023, according to revised data released by the Commerce Department on Thursday.
The Commerce Department said gross domestic product jumped by 2.0 percent in the first quarter compared to the previously estimated 1.3 percent increase. Economists had expected the pace of GDP growth to be unrevised.
The stronger than previously estimated growth reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to nonresidential fixed investment and federal government spending.
