US GDP grows 1.1% in Q1, slower than expected
The US economy grew at an annualized pace of 1.1% in Q1 2023, slower than the 1.9% forecast.
The print came in significantly cooler than the previous two quarters, which saw annualized growth at 2.6% and 3.2% respectively.
The slowdown in US economic activity is another sign of a slowing economy amid recession fears, First Republic Bank's potential collapse and possible further interest rate hikes by the Federal Reserve.
The slower growth rate comes in line with other recent economic data and weakening consumer confidence in the economy.
The figures are preliminary and will be revised at least twice as more complete data become available, but they already hint that a recession may be just around the corner.
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