The U.S. Commerce Department released gross domestic product (GDP) figures on Friday. The U.S. revised GDP climbed 0.8% in the first quarter, up from the preliminary estimate of a 0.5% rise, after a 1.4% in the fourth quarter. Analysts had expected the U.S. economy to expand 0.9% in the first quarter.

The upward revision was partly driven by a downward revision of the trade deficit.

Consumer spending rose by 1.9% in the first quarter, in line with the previous estimate.

Exports fell 2.0% in the first quarter, up from the preliminary estimate of a 2.6% fall, while imports were down 0.2%, down from the preliminary estimate of a 0.2% rise.

The PCE price index increased 0.3% in the first quarter, in line with the preliminary estimate, after a 0.3% rise in the fourth quarter.

The PCE price index excluding food and energy costs increased 2.1% in the first quarter, in line with the preliminary estimate, after a 1.3% rise in the fourth quarter.

The PCE price index is the Fed's preferred gauge for inflation.