The U.S. economy shrank at an annual pace of 5.7% in the first quarter, a less severe drop than initially reported but still the second-biggest quarterly decline in 27 years, the government said Friday.

Economists expect a drop in gross domestic product this quarter as well, although not as sharp as in the first three months of the year.

Last month, the government initially reported that gross domestic product — the broadest measure of the nation’s economic activity — fell at an annual rate of 6.1%.

The revision fell short of economists’ expectations of a 5.5% drop, according to a consensus estimate from Briefing.com.

Categories: US Markets
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