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The economy contracted at a 0.2% annual rate in the first quarter of 2025, the Bureau of Economic Analysis said Thursday in a revision to its estimate of GDP.
A preliminary report from the agency found that the economy contracted at a 0.3% rate in the quarter, so Thursday’s report represented an upward revision in the growth rate of a tenth of a percentage point.
While it is a slight improvement, the new report highlights the challenges the economy and President Donald Trump face in the coming months. They also raise concerns about the potential for a recession.
This is the second of three GDP estimates the BEA has published for the first quarter as more data are analyzed. The final report will come in late June.