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US Q1 growth slightly higher than forecast

May 26, 2023 00:00:00

WASHINGTON, May 25 (AFP): US economic output increased by more than previously thought in the first quarter of this year, the Commerce Department said Thursday, although it still indicates the economy is weakening.

The US economy has cooled this year as the impact of multiple rounds of interest-rate hikes to tackle inflation begins to be felt, with the Federal Reserve predicting the country will enter a mild recession towards the end of the year.

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