Economic growth a healthy 3.5 percent
Associated Press (via Washington Post):
The country's economic performance in the opening quarter of 2005 was better than first thought, logging a solid 3.5 percent annual growth rate in a new sign of a strong springtime business expansion.The latest reading on gross domestic product, released by the Commerce Department on Thursday, was an upgrade from the 3.1 percent pace initially estimated for the January-to-March quarter.
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The higher estimate for economic growth mostly reflected a slight improvement in the nation's trade deficit, which was less of a drag on growth than the government previously thought. More brisk spending on housing projects also helped.
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GDP, the broadest barometer of the economy's fitness, measures the value of all goods and services produced within the United States.