Economy grew at 3.2% in first quarter, beating expectations

The economy grew at a 3.2% annual rate in the first quarter, the Bureau of Economic Analysis reported Friday morning, easily beating forecasters’ expectations.

The healthy growth rate in gross domestic product also improved on the 2.2% rate seen in the fourth quarter of 2018, despite several economic headwinds in the first quarter of this year, such as the partial government shutdown and a slowdown in the global economy. The bureau said that the pick-up in growth was driven by stronger state and local government spending and exports.