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The real gross domestic product (GDP) in the United States is expected to expand by 2.7% in the first quarter of 2020, the Federal Reserve Bank of Atlanta said in its latest GDPNow report.

“The initial GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2020 is 2.7% on January 31,” the publication read. “The initial estimate of fourth-quarter real GDP growth released by the U.S. Bureau of Economic Analysis on January 30 was 2.1%, 0.4 percentage points above the final GDPNow model nowcast released on January 29.”