The US economy signed a 0.3 % contract in contrast to the growth expectation of this year's first quarter.
The US Department of Commerce announced the pioneering data of the gross domestic product (GDP) in 2025 for the period of January to March.
Accordingly, GDP has decreased by 0.3 percent every year in the first quarter of the year. During this period, the US economy is expected to increase by 0.2 %.
First since 2022
The country's economy has narrowed its first time since the first quarter of 2022.
In the United States, the economy has shown that the growth efficiency is 2.4 % in the last quarter of 2024 and 2.8 % during last year.
In the first quarter of the year, the increase in imports and reducing public spending is effective.
Personal consumption costs increase
In the first quarter of this year, personal consumption spending increased by 3.6 %. Personal price index increased by 2.4 % in the last quarter of last year.
Core personal consumption costs, in which food and energy prices are excluded, increasing by 3.5 % in the same time.
The expectation of the market, the core personal consumption cost is to increase the price index by 3.1 %. The core personal consumption index increased by 2.6 % in the previous quarter.