US: Q1 GDP contracts at an annualized pace of 1.5%

According to a second estimate by the US Bureau of Economic Analysis, the annualized pace of real GDP growth in Q1 2022 came in at -1.5%, below the first estimate of -1.4% and the market’s expectation for a growth rate of -1.3%, data on Thursday showed. Nonetheless, the latest GDP estimate still showed healthy growth in consumer spending of 3.1% in Q1 versus the prior estimate of 2.7%, plus robust business investment growth of 9.2% (unchanged from the first estimate.