The bureau of economic analysis published today its first estimate of the growth rate of the U.S. Gross Domestic Product for the first quarter of 2012. The report showed the U.S GDP rose by 2.2% in Q1 2012.
According to the latest update, the growth rate of the real U.S GDP for the first quarter of 2012 (first estimate) reached 2.2% in annual growth; during the previous fourth quarter of 2011 the real U.S GDP expanded by 3%; thus the growth rate in the Q1 2012 was lower than in the previous quarter but was higher than the parallel quarter in 2011.
There were expectations for an increase in the GDP growth rate to reach the 2.5%; this means the actual rate was slightly lower than expected. Nevertheless, this is still the second best performing quarter in last five quarters.
The chart below presents the development of the real U.S. GDP (in annual rates) growth rate between 2009 and 2012. It shows the steady rise in the GDP growth rate during 2011 and the slight fall in the first quarter of 2012 (Keep in mind that since it’s a first estimate, the forthcoming estimates may vary substantially).
Yesterday, the American stock markets finished in the green; major energy commodities prices including crude oil prices increased; gold and silver were also traded up; the U.S dollar slightly depreciated against major currencies including Euro, Yen and Aussie dollar. This news may affect commodities prices and forex markets. Currently commodities prices are slightly declining:
Nymex (WTI) crude oil price, short term future (May 2012 delivery) is traded down by 0.08%, at $104.47 per barrel as of 13:29*.
Gold price, short term futures (May 2012 delivery) is traded at $1,656.70 per t oz. a $3.8 decrease as of 13:26*.
Euros to USD is currently traded slightly down at 1.3246 a 0.21% increase as of 13:34*.
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