GDP Contracts Sharply in First Quarter

Washington, DC, June 25, 2014 -- The economy contracted substantially in the first quarter, mostly due to the harsh winter weather, according to the Bureau of Economic Analysis.

The final estimate of first-quarter real gross domestic product showed that GDP fell at an annual rate of 2.9%, far worse than the initial estimate of a 0.1% decline.

In the fourth quarter 2013, GDP grew 2.6%.

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