US Q1 Growth Rate 6.4%... "Impact of Stimulus Measures and Vaccine Distribution"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] The U.S. Department of Commerce announced on the 29th (local time) that the first quarter Gross Domestic Product (GDP) growth rate was recorded at an annualized 6.4%.

This figure is almost identical to the 6.5% forecast compiled by Dow Jones experts.

Due to the impact of the COVID-19 pandemic, the U.S. economy recorded negative growth for two consecutive quarters in the first and second quarters of last year, but has shown positive growth for three consecutive quarters since then.

The first quarter of this year is analyzed to have benefited from the Biden administration's implementation of an additional $1.9 trillion stimulus package and the widespread distribution of COVID-19 vaccines, which helped economic growth.

The U.S. growth rate is announced three times: as a preliminary estimate, a revised estimate, and a final estimate. The announcement on this day is the preliminary estimate and may be revised in the future.