Economy grows in the first quarter, but at slowing pace. Real gross domestic product increased at an annual rate of 1.1 percent in the first quarter of this year. Factors contributing to this growth include gains in consumer spending, exports, and government spending. Last quarter’s improvement to GDP was nevertheless a deceleration from the 2.6 percent annual rate reported for the final three months of 2022. An uptick in imports, along with a slowdown in private inventory investment, contributed to this downshift. Despite this economic moderation, last quarter’s GDP figure underscores some positive areas of resilience.