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The United States economy grew at a year-on-year rate of 6.4 % in the first quarter of the year, a sign of the economic recovery underway after the crisis caused by the covid-19 pandemic, the Bureau of Economic Analysis (BEA) reported today.
This is the Government’s first estimate of economic activity at the start of the year following the 3.5% annual contraction in Gross Domestic Product (GDP) recorded in 2020 due to the pandemic.
GDP growth between January and March was 1.6% over the previous quarter. “The increase in the first quarter reflected the continued economic recovery, the reopening of businesses, and the continued government response related to the pandemic,” the quarterly report said.