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First-Quarter GDP Revised Upward to 1.9%

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6/24/2011 10:30:00 AM

The U.S. economy rose at a 1.9% annual rate in the first quarter, the Commerce Department said Friday, boosting an earlier estimate.

The gross domestic product growth rate followed a 3.1% fourth-quarter pace and matched economists’ estimates, Bloomberg reported.

The government last month estimated first-quarter growth at 1.8% and this latest estimate is the third and final for the quarter.

Consumer spending, which accounts for about 70% of the economy, rose at a 2.2% rate, the same as initially reported, ommerce said.

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