ISTANBUL

The world's largest economy, the US, expanded by 1.6% in the first quarter of 2024, below market expectations of around 2.5%.

According to an advance estimate from the Bureau of Economic Analysis, the increase in the first quarter primarily stemmed from increases in consumer spending and housing investment that were partly offset by a decrease in inventory investment.

"Imports, which are a subtraction in the calculation of GDP, increased," the bureau added.

The country's economy also expanded by 3.4% in the fourth quarter of 2023, it recalled.