GDP Growth Unexpectedly Revised Higher for First Quarter

The U.S. economy grew at a significantly swifter pace than previously estimated during the first three months of the year.

Gross domestic product, the government’s broad economic scorecard, rose at a 2.1 percent annual rate in the January through March period, the Commerce Department said Thursday. The figure is seasonally and inflation-adjusted.

The upward revision, the government’s third and final monthly adjustment to the estimate of economic growth, stemmed from a lower estimate for imports. Imports are a subtraction in the calculation of GDP.

Consumer spending growth was also revised lower. The new estimate shows it growing at a seasonally…

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