The U.S. economy contracted in the first quarter as President Donald Trump's economic agenda took effect, according to new data released on Wednesday.

The Commerce Department's Bureau of Economic Analysis (BEA) released its advance estimate for first quarter gross domestic product (GDP), which found the U.S. economy contracted at an annual rate of 0.3% in the first quarter, which runs from January through March.

Economists surveyed by LSEG had expected the economy to grow at a 0.3% rate in the quarter. The first quarter's 0.3% contraction was slower than the 2.4% GDP growth recorded in the fourth quarter. The quarterly contraction was the first since the first quarter of 2022.

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