Washington, DC, May 26--The economy grew at a 3.5% annual rate in the first quarter, up from the 3.1% rate estimated a month ago, according to the Commerce Department.
The revisions to real gross domestic product were largely due to an unexpected decline in the trade deficit in March. Economists had forecast a revision in GDP growth to a rate of 3.6%.
The economy grew at a 3.8% rate in the fourth quarter. The core personal consumption expenditure price index rose 2.2%, unchanged from the initial estimate last month.
