ANKARA 

US economic contraction has been revised down to 1.6% for the first quarter of 2022, according to the Commerce Department’s third and final reading on Wednesday.

The first reading on April 28 recorded real gross domestic product (GDP) decreasing at an annual rate of 1.4% in the first quarter, while the second reading on May 26 was revised down to 1.5%.

“The decrease in real GDP reflected decreases in exports, federal government spending, private inventory investment, and state and local government spending,” the Commerce Department said in a statement.

The current‑dollar GDP stood at $24.39 trillion in the first quarter.

The US Federal Reserve’s preferred inflation indicator, the core PCE price index, which excludes food and energy prices, increased 5.2% in the first quarter, according to the third reading.

It was revised up from a 5.1% increase in the second reading.​​​​​​​​​​​​​​