Bureau of Economic Analysis: GDP Growth for Q1 was Just 1.3 Percent, Even Lower than Previously Estimated
WASHINGTON, D.C. – Today, the Bureau of Economic Analysis (BEA) released its second estimate for economic growth in the first quarter (Q1) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by 1.3 percent, .3 percentage points lower than forecasted last month. This finding underscores that President Biden’s failed economic policies have been a disaster for the economy.
Chairman Arrington's Statement on GDP Growth:
House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on GDP growth for Q1 2024:
“Today, GDP growth for the first quarter came in at a worryingly low 1.3 percent, even worse than the previous estimate of 1.6 percent. This comes just days after consumer fears of a recession rose for the second consecutive month. Biden and the Democrats have proven once again that you can’t tax, spend, and regulate your way to growth and prosperity.”
Background:
Under the Biden Administration, unbridled spending and failed economic policies have led America down a dangerous fiscal path. In April, inflation grew at an annualized rate of 3.4 percent. Since President Biden took office, inflation has risen by a staggering 19.3 percent, interest costs have skyrocketed by 152 percent, and Americans’ fears of a looming recession are rising.
Read Chairman Arrington’s statement on the April inflation rate coming in at 3.4 percent HERE.
Read more about how interest costs have skyrocketed by 152 percent during President Biden’s term HERE.
Read Chairman Arrington’s statement on Americans’ rising fears of recession HERE.
