Despite high energy prices and the fear of a soft patch, the U.S. economy didn’t slow a bit in the first quarter of 2005, the Commerce Department said Wednesday.
First-quarter gross domestic product increased at a 3.8% annual rate, matching the 3.8% rate in the fourth quarter. Last month, the government estimated first-quarter growth at 3.5%.
Economists were expecting a revision to 3.7%, according to a survey conducted by MarketWatch.
The revision was largely due to larger exports and stronger residential investment than previously estimated.
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