US GDP growth revised up to 1.2%

US government has revised upward the country’s economic growth for the January-March period to an annualized rate of 1.2 percent.

The revised gross domestic product was released by the Commerce Department on Friday.

The preliminary estimate announced in late April had GDP growing 0.7 percent from the level the previous quarter.

Personal consumption helped to push up GDP growth. Its increase was revised from 0.3 to 0.6 percent.

The rise in corporate capital investment was also revised upward from 9.4 to 11.4 percent.

Growth of investment in house construction edged up from 13.7 to 13.8 percent.

The rise in exports was unchanged at 5.8 percent.

Policymakers at the US Federal Reserve think economic growth is weak but the slowdown will be only temporary.