海外观察：美国2025年一季度GDP数据点评：三点原因导致美国经济增速转负

Economic Performance - The U.S. GDP for Q1 2025 decreased at an annualized rate of -0.3%, below the expected -0.2% and down from 2.4% in the previous quarter[2] - Year-on-year GDP growth was recorded at 2.0%, down from 2.5% in the previous quarter[2] Contributing Factors - The trade deficit widened significantly due to a surge in imports, with imports increasing from -1.9% to 41.3%, leading net exports to contribute -5.0% to GDP, the lowest since the pandemic[2] - Government spending growth slowed, with a quarterly annualized rate dropping from 3.1% to -1.4%, reducing its contribution to GDP from 0.5% to -0.3%[2] - Personal consumption growth fell from 4.0% to 1.8%, with a notable decline in durable goods consumption from 12.4% to -3.4%[2] Investment Trends - Non-residential fixed investment became a key driver of economic growth, rising from -3.0% to 9.8%, contributing 1.3% to GDP[2] - Equipment and machinery investment saw a significant increase from -0.5% to 1.1%, with computer equipment investment surging from -19.8% to 112.8%[2] Market Outlook - The Q1 GDP data is not expected to prompt the Federal Reserve to lower interest rates, as the factors affecting GDP are not seen as sustainable[2] - Future employment data, particularly the April non-farm payrolls, will be more critical for market reactions[2] Risk Factors - Potential risks include higher-than-expected inflation and a more significant downturn in the U.S. economy[2]