U.S. GDP Grew Faster Than Expected in First Quarter, but Consumer Spending Nearly Stalled

The Commerce Department's Bureau of Economic Analysis (BEA) said gross domestic product (GDP) grew at an annualized rate of 2.1% during the January through March period. (Credit: Michael M. Santiago/Getty Images)

The U.S. economy expanded at a much stronger pace in the first quarter than previously estimated, according to newly revised government data released Thursday

The Commerce Department's Bureau of Economic Analysis (BEA) said gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 2.1% during the January through March period. That marked a significant upward revision from the previously reported 1.6% pace and exceeded economists' expectations that the estimate would remain unchanged.