The Bureau of Economic Analysis on Thursday revised first-quarter gross domestic product (GDP) growth down to 3.1 percent from the advance estimate of 3.2 percent.
“Today’s estimate reflects downward revisions to nonresidential fixed investment and private inventory investment and upward revisions to exports and personal consumption expenditures,” the bureau report said.
{mosads}The revision doesn’t substantially change the economic outlook, maintaining a strong growth figure in a quarter that is often weak.
The Trump White House has projected that economic growth would reach a sustained 3 percent growth level as a result of its policies, including tax cuts and deregulation. GDP growth last year topped out 2.9 percent, though the growth rate in some individual quarters was markedly higher.
A report from the Congressional Research Service report released Tuesday concluded that President Trump’s signature 2017 tax act showed “a relatively small (if any) first-year effect on the economy” in terms of growth in 2018.
The country’s economic health will be a key factor in Trump’s 2020 reelection bid.