American economic growth slowed to a 1.1% annualized rate in the first quarter of 2023, marking a significant slowdown from previous quarters as various headwinds continue to slow recovery from the lockdown-induced recession.
The rise in real gross domestic product reflected increases in consumer spending, exports, nonresidential investment, and government spending, according to an advance estimate released on Thursday by the Bureau of Economic Analysis.
Growth was offset by decreases in private inventory investment and residential investment, as well as imports, which are subtractions in the calculation of gross domestic product.
