First-quarter economic growth revised up to 1.4 percent

The U.S. economy grew at a 1.4 percent inflation-adjusted annual rate in the first quarter, according to the final revision of gross domestic product figures released by the Bureau of Economic Analysis Thursday.

With Friday's revision, it's official that economic growth was a disappointment in the period that spanned the end of Barack Obama's presidency and began Donald Trump's, but significantly better than it was first estimated to be.

Originally, GDP was estimated to be just 0.7 percent for the quarter. The bureau then revised that number up to 1.2 percent, and finally to 1.4 percent. The final revision took into account stronger consumer spending and exports than first recorded.

Most indications are that the weak first quarter was a one-off event, and that output growth is set to pick up in the quarters ahead.

In fact, gross domestic product growth is likely to rebound to around 3 percent in the second quarter, according to a forecast from the Federal Reserve Bank of Atlanta produced before Thursday's report. Fed officials projected this month that growth would wind up at 2.2 percent on the year, in line with recent years.

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