US gross domestic product rose at an annual rate of 6.4% in the first quarter, an increase from the 4.3% growth rate in the fourth quarter, the US Bureau of Economic Analysis reported today.
The Hill reported the economy was boosted by an increase in vaccinations, declining Covid-19 cases and large amounts of government spending.
GDP had fallen by 5.0% in the first quarter of 2020, and then dropped by 31.4% in the second quarter before recovering in the third quarter with annualized growth of 33.4%.
Today’s announcement reflects an initial estimate of GDP growth. The next estimate is scheduled to be released on May 27.