The gross domestic product (GDP) of the United States declined one per cent in the first quarter - the first time since the first quarter of 2011, according to the US Commerce Department.
Analysts attributed the fall to the unusually harsh winter that slowed retail traffic and other commercial activity, as well as a slowdown in inventory buildup.
A consensus of economists' opinions was for a four per cent GDP rebound in the second quarter, as pent-up demand makes up for the first quarter stall, said American Shipper.
The Commerce Department also cited a six per cent decline in first quarter exports, compared to a 9.5-per cent rise in the fourth quarter of 2013.
Imports of goods and services increased 0.7 per cent, compared with an increase of 1.5 per cent in the fourth quarter. But imports count against GDP growth because they represent spending on goods and services not produced domestically, according to Shipping Gazette.
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