In the fourth quarter of 2021, it increased by 6.9%.
The GDP of the United States in the first quarter of 2022 decreased by 1.4% year-on-year. This follows from preliminary data released on Thursday by the U.S. Department of Commerce.
“Real GDP decreased by 1.4% year-on-year in the first quarter of 2022 after an increase of 6.9% in the fourth quarter of 2021. In the first quarter, there were a repeated increase in the number of cases of infection with omicron, a variant of the new coronavirus, and a reduction in government payments to help combat the pandemic,” the document says.
Experts interviewed earlier by Reuters had expected that, on an annualized basis, U.S. GDP growth for the first quarter would amount to 1.1%.
In connection with the publication of these data, U.S. President Joe Biden assured that the country’s economy “continues to maintain stability in the face of historical challenges.” The American leader believes that the dynamics of GDP “in the last quarter was influenced by technical factors.” He also believes that the United States is “confronting various challenges from a position of strength.” Among them, he attributed the special operation of the Russian Federation in Ukraine, the spread of coronavirus, as well as an increase in inflation.