The U.S. Bureau of Economic Analysis (BEA) announced today that real gross domestic product (RGDP) fell year-on-year by 0.2% in the first quarter of 2025. According to the BEA, the decline in RGDP was due to increased imports and reduced government spending, which decreased year-on-year by 4.6%.

RGDP grew by 2.4% in the fourth quarter of 2024. The agency also revealed that the decline in Q1 was significantly influenced by trade wars between the Trump administration and other countries during the first quarter of 2025. RGDP in Q1 was revised upward by 0.1% from the previous estimate of 0.3%. Household spending was revised downward, leading to the adjustment of RGDP

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