LOC17:45
14:45 GMT
WASHINGTON, May 29 (KUNA) - The value of goods and services, gross domestic product (GDP), a measure of the US economy, decreased at an annual rate of 0.7 percent in the first quarter, noted the second estimate released by the Bureau of Economic Analysis on Friday.
"The downturn in the percentage change in real GDP primarily reflected a deceleration in PCE (personal consumption expenditures) and downturns in exports, in nonresidential fixed investment, and in state and local government spending," indicated the statement.
Exports of US goods and services showed the greatest decline with a decrease by 7.6 percent in the first quarter.
Economists expect a recovery in the second quarter to be around 2 percent that will continue to strengthen through the year.
The initial first quarter estimate in April marked a 0.2 percent growth in GDP. (end) ak.ajs