Economic Decline and Economic Growth

gross domestic product: US GDP The quarterly economic decline is the first since the economy shrank by an even sharper 2.1% annual rate in the first quarter of 2014, according to The Guardian. A bleak winter also contributed to that decline as consumers stayed home and some businesses closed. Related:Greek bank deposits hit 10-year low; US economy contracts - live updates US gross domestic product – the broadest measure of economic growth – shrank at an annualized rate of 0.7%. The Commerce Department had previously estimated output grew 0.2% from January through March. Business investment fell at a 2.8% pace and exports declined 7.6%, hurt by the strength of the dollar. In the fourth quarter – traditionally the best quarter for consumer spending – it grew 4.4%. The dip was widely in line with economists predictions and is expected to be temporary. Consumer spending, which accounts for more than two-thirds of economic output, grew by 1.8% on an annual basis. (news.financializer.com). As reported in the news.