The U.S. economy shrank for the first time in three years in the first quarter of this year, according to data released Thursday by the U.S. Commerce Department.
Real gross domestic product (GDP) decreased at an annual rate of 0.5 percent in the January-March period, a downward revision of 0.3 percentage points from the previous estimate, the Commerce Department reported in its final report.
The U.S. economic performance in the first quarter was primarily affected by factors such as rising imports and slowing consumer spending, the report said.
Imports surged 37.9 percent in the first quarter and accounted for a contraction of 4.66 percent in GDP, according to the report.
Growth in the first quarter was stifled by rising imports as U.S. firms scrambled to purchase foreign goods before sweeping tariffs took effect.
This occurred as U.S. President Donald Trump implemented sweeping tariffs against most trading partners that could roil the global economy.
Consumer spending was also revised downward.
Personal consumption expenditures, which accounts for roughly 70 percent of the U.S. economy, grew just 0.5 percent quarter on quarter, a significant downgrade from 1.2 percent in the previous estimate.
US GDP shrinks first time in three years
Landmark buildings in eight Chinese cities have been lit up with the theme and logo of the 2026 Spring Festival Gala, welcoming in advance the arrival of the Year of the Horse.
China Media Group (CMG) on Wednesday unveiled the official theme and logo for its 2026 Spring Festival Gala, celebrating the start of the Year of the Horse in the Chinese lunar calendar, which begins on February 17, 2026.
Inspired by a poetic line from an ancient anthology of Chinese poetry, the theme of the 2026 Spring Festival Gala is "Galloping steed, Onward unstoppable", CMG announced.
The light shows were staged on landmark buildings in eight Chinese cities of Beijing, Shanghai, Guangzhou, Nanjing, Chengdu, Chongqing, Hengyang and Huzhou.
The Chinese lunar year for 2026 is the Year of the Horse, one of the most dynamic and spirited in the 12-animal Chinese zodiac cycle, representing strength, perseverance and unstoppable momentum.
The Spring Festival Gala hosted by CMG has been an essential part of the Chinese Lunar New Year celebrations since 1983. The gala includes songs, dances, comic sketches, operas and folk arts.
The annual spectacle, known as the most-watched television program in the world, is broadcast on the eve of the Chinese New Year, when families come together to ring in the new lunar year.
This upcoming Spring Festival Eve falls on Feb 16, 2026.
Spring Festival Gala logo, theme light up on landscape buildings across China
