U.S. GDP growth slows to 1.6 pct in Q1 as consumer spending, exports slow

The U.S. gross domestic product (GDP) growth rate slowed to an annual rate of 1.6 percent in the first quarter of this year, the U.S. Department of Commerce reported on Thursday.

The latest data marks a sharp slowdown from the fourth quarter in 2023, when GDP grew by 3.4 percent, according to the Bureau of Economic Analysis.

Compared to the fourth quarter, the deceleration of real GDP in the first quarter primarily reflected slowdowns in consumer spending, exports, and state and local government spending, as well as a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment.

The newly released GDP estimate for the first quarter, in what was called an "advance" estimate, is based on source data that are incomplete or subject to further revision by the source agency.

The "second" estimate for the first quarter, based on more complete source data, will be released on May 30.

U.S. GDP growth slows to 1.6 pct in Q1 as consumer spending, exports slow

China is willing to work with France to push for a global ceasefire during the Paris Olympic Games, Chinese President Xi Jinping said in Paris on Monday.

Xi made the remarks at a press conference together with his French counterpart Emmanuel Macron after talks between the two leaders.

"The world today is far from peace. As a permanent member of the UN Security Council and a responsible major country, China is ready to work with France to take the Paris Olympic Games as an opportunity to call for a global ceasefire during the games," Xi said.

Xi arrived in Paris on Sunday for a state visit to France at the invitation of President Macron.

This is the second state visit by China's head of state to France in five years and coincides with the 60th anniversary of the establishment of diplomatic relationship between the two countries.

Xi says China willing to launch initiative with France for worldwide truce during Paris Olympics