US revises first-quarter GDP drio to 5.7 per cent

US revises first-quarter GDP drio to 5.7 per centWashington  - The US economy contracted 5.7 per cent in the first quarter of 2009, a rate lower than originally reported, according to revised figures by the US Commerce Department Friday.

The government last month estimated that gross domestic product shrank 6.1 per cent in the first three months of the year, but the revision was still less than economists had expected. A Bloomberg News survey predicted a 5.5-per-cent revised rate.

The massive contraction comes as the United States battles through its longest recession since the Great Depression.(dpa)