The U.S. economy grew in the first quarter of the year, albeit at a markedly slower pace compared to the final quarter of 2023.

The U.S. economy grew in the first quarter of the year, albeit at a markedly slower pace compared to the final quarter of 2023 and below economists’ predictions. The annualized growth rate of the Gross Domestic Product (GDP) stood at 1.

The US economy grew less than expected in the first quarter of 2024, at an annualised rate of 1.6 per cent, but higher than anticipated price pressures led investors to push back their expectations of interest rate cuts.

The nation’s economy slowed last quarter, growing at an annual rate of 1.6% in a sign that the high interest rates may be taking a toll on borrowing and spending. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated from its brisk 3.