US raises Q1 growth estimate to 1.1%

WASHINGTON, D.C.: The US economy’s tepid growth in the first quarter was revised higher on Tuesday and analysts expect a pick-up in the second quarter despite concerns about Britain’s EU exit vote.

Growth in gross domestic product (GDP)—the broad measure of the world’s largest economy’s output in goods and services—was revised upward to 1.1 percent from the previous estimate of 0.8 percent, the Commerce Department said.