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THE ECONOMIC GROWTH RATE OF THE UNITED STATES IN THE FIRST QUARTER HAS BEEN LOWERED TO 3.1%

WASHINGTON, MAY 30 (XINHUA) -- REVISED DATA RELEASED BY THE US DEPARTMENT OF COMMERCE ON MAY 30 SHOWED THAT THE REAL GROSS DOMESTIC PRODUCT (GDP) OF THE UNITED STATES IN THE FIRST QUARTER OF THIS YEAR GREW AT AN ANNUAL RATE OF 3.1%, A DECREASE OF 0.1 PERCENTAGE POINTS FROM THE PREVIOUSLY RELEASED INITIAL ESTIMATE.COMPARED WITH THE FIRST ESTIMATED DATA, THE US DEPARTMENT OF COMMERCE CUT THE GROWTH RATE OF NON RESIDENTIAL FIXED ASSETS INVESTMENT IN THE FIRST QUARTER BY 0.4 PERCENTAGE POINTS TO 2.3%, AND INCREASED THE GROWTH RATE OF PERSONAL CONSUMPTION EXPENDITURE, WHICH ACCOUNTS FOR ABOUT 70% OF THE US ECONOMY, BY 0.1 PERCENTAGE POINTS TO 1.3%. AT THE SAME TIME, THE MINISTRY OF COMMERCE WILL LOWER THE CONTRIBUTION RATE OF PRIVATE INVENTORY INVESTMENT TO GDP BY 0.05 PERCENTAGE POINTS TO 0.60 PERCENTAGE POINTS.THE DATA RELEASED BY THE MINISTRY OF COMMERCE ON THE SAME DAY ALSO SHOWED THAT THE PRE TAX PROFIT OF ENTERPRISES IN THE FIRST QUARTER DECREASED BY 2.8% MONTH ON MONTH, WHICH IS THE ****** MONTH ON MONTH DECLINE SINCE 2015; THE YEAR-ON-YEAR GROWTH RATE WAS 3.1%, THE LOWEST LEVEL SINCE 2017.ANALYSTS BELIEVE THAT ALTHOUGH THE GROWTH RATE OF PERSONAL CONSUMPTION EXPENDITURE INCREASED IN THE FIRST QUARTER, THE GROWTH RATE OF NON RESIDENTIAL FIXED ASSETS INVESTMENT WAS SIGNIFICANTLY REVISED DOWN, AND THE PROFITABILITY OF ENTERPRISES WAS ALSO WEAKENED, WHICH CAST A SHADOW ON THE ECONOMIC GROWTH PROSPECTS OF THE UNITED STATES IN THE SECOND QUARTER DUE TO FACTORS SUCH AS THE TRADE SITUATION AND THE GRADUAL WEAKENING OF THE STIMULUS EFFECT OF TAX REDUCTION POLICIES.THE US DEPARTMENT OF COMMERCE TYPICALLY ESTIMATES QUARTERLY GDP DATA THREE TIMES BASED ON CONTINUOUSLY IMPROVING INFORMATION. THE US DEPARTMENT OF COMMERCE WILL RELEASE THE FINAL REVISED GDP DATA FOR THE FIRST QUARTER ON JUNE 27TH.