US gross domestic product (GDP) grew at an annualized rate of 1.3% in the first quarter of 2024, according to a second estimate from the Commerce Department, after a rate of 1.6% indicated in the very first reading.

This downward revision, which is more or less in line with economists' expectations, implies an even sharper slowdown in US growth compared with the 3.4% pace seen in the final quarter of 2023.

This deceleration mainly reflects a slowdown in consumer spending, exports and state and local government spending, as well as a slowdown in federal spending.

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