GDP Grew in First Quarter at Upwardly Revised 5.6% Rate

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he U.S. economy grew at a revised 5.6% annual rate in the first quarter that was greater than first reported, the Commerce Department said Thursday.

The gross domestic product growth was greater than the 5.3% increase reported a month ago. GDP is the value of all the goods and services produced in the country.

Consumer spending, which accounts for about two-thirds of the GDP, expanded at a 5.1% annual rate in the quarter, the fastest since the third quarter of 2003, Commerce said.