Second Estimate: First-Quarter GDP Grew 5.3%

For manufacturers that track their revenues against GDP growth, the U.S. Commerce Department on May 25 said inflation-adjusted gross national product advanced at an annual rate of 5.3%.

It was the second of three estimates of GDP that the department will make for the first quarter, and it showed the economy growing half a percentage point faster than the 4.8% rate initially reported.

The faster first-quarter pace was mainly due to upward revisions in inventories and exports.

In the first quarter of 2006, GDP was at a seasonally adjusted annual rate of $13.04 trillion in current dollars.

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