US Q1 GDP increased to 4.4%

US Q1 GDP increased to 4.4%

The US economy grew at an annual rate of 4.4% in the first quarter, which is higher than the previous estimate of 4.2%, according to the statement made by Commerce Department. GDP (Gross Domestic Product) grew by 5% over the past four quarters, the fastest year-on-year growth in 20 years. Meanwhile corporate profits continued to surge in the first quarter with after-tax economic profits rising by 36.7%. As in the first estimate, consumer spending, inventory rebuilding, investments in equipment and software affected the rise in real GDP.