GDP Increased in the First Quarter, Calming Some Recession Fears

Washington, D.C.–U.S. gross domestic product rose in the first quarter, indicating that the U.S. did not enter into a recession in the beginning of 2008, according to revised government figures released Thursday.The Commerce Department said that gross domestic product increased 1 percent at an annual rate, The Wall Street Journal said. The previous GDP estimate was 0.9 percent”Upward revisions to exports, to consumer spending and to business fixed investment were partly offset by an upward revision to imports and a downward revision to inventory investment,” the Commerce Department said.Consumer spending–which comprises 70 percent of GDP–also was revised upward for the first quarter to reflect 1.1 percent growth.