The US economy grew faster than initially anticipated in the first three months of the year, according to the Commerce Department’s final figure released on Thursday.
Gross domestic product increased at a 1.4 percent annual rate, 0.2 percent higher than the 1.2 percent pace reported last month.
The revised growth figure was boosted by a growth in consumer spending, which saw a solid revision from a rate of 0.6 percent to 1.1 percent.
“The economy is expanding at a solid, if unspectacular pace,” said Gus Faucher, chief economist at PNC Financial Services.
The revised figure will go some way to alleviate fears of a slowdown in the world’s largest economy. Earlier this week the International Monetary Fund warned that political uncertainties meant there were “larger than usual” risks to the U.S. economy.
