The US economy grew faster in the first quarter than previously reported

The US economy grew faster in the first quarter than previously estimated. A shopper carries bags in the SoHo neighborhood of New York, on January 21.

 Jordana Bermudez/Bloomberg/Getty Images

Washington, DC (CNN) — US economic growth in the first three months of the year was faster than previously estimated, the Commerce Department reported on Thursday.

Gross domestic product, the broadest measure of economic output, increased at an annualized rate of 1.3% in the first quarter, up from an initial estimate of 1.1% reported last month. GDP is adjusted for inflation and seasonality.

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