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The economy, knocked down by last year's recession and terror
attacks, rocketed back in the first quarter, growing at an annual
rate of 5.8 percent. After limping through the last six quarters,
gross domestic product -- the broadest measure of the economy's
health -- posted its strongest showing since the final quarter of
1999, the Commerce Department reported Friday.
The latest GDP report reinforced the view that the country not
only emerged from a recession that began in March 2001 but
that the downturn will probably go down as the mildest in U.S.
history. The economy's sizzling first-quarter performance is
especially remarkable given that the GDP actually shrank at a
1.3 percent rate in the third quarter of 2001. The GDP registered
a below-par rate of 1.7 percent in the fourth quarter.
The economy, knocked down by last year's recession and terror
attacks, rocketed back in the first quarter, growing at an annual
rate of 5.8 percent. After limping through the last six quarters,
gross domestic product -- the broadest measure of the economy's
health -- posted its strongest showing since the final quarter of
1999, the Commerce Department reported Friday.
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