GDP Expands in First Quarter
Washington, DC, April 26, 2012 -- Gross domestic product grew at a 2.5% annual rate in the first quarter, the Commerce Department said Friday.
Economists had forecast a 3.0% annualized expansion. The gain was an improvement over the 0.4% growth in the prior quarter.
The economy has now grown for 15 consecutive quarters.
Increased consumer spending was the primary reason the economy grew. Personal-consumption rose 3.2%, the best pace since the end of 2010.