WASHINGTON, May 2 (AFP) – President Barack Obama on Friday declared the US economy was ''in a much better place'' than a year ago, as new growth figures spurred hopes of a solid recovery.

''The economy that was losing jobs a year ago is creating jobs today,'' Obama said, ''we're moving forward. Our economy is stronger.''

Earlier, the Commerce Department reported US gross domestic product (GDP) grew at a 3.2 percent pace in the first quarter, up from minus 6.4 percent at the same time last year.

The first estimate was a percentage point shy of market expectations, but marked the third consecutive quarter of economic expansion as Americans began spending more.

That was seen as further evidence that the world's largest economy is slowly recovering from the worst economic crisis since the 1930s.

''Our economy is stronger. The economic heart beat is growing stronger,'' Obama said.

While positive, many fear the current rate of growth is not enough to recover the eight million US jobs lost since the crisis began.

''While today's GDP report is an important milepost on our road to recovery, it doesn't mean much to an American who has lost his or her job and can't find another,'' Obama acknowledged.

The rate of growth was well down from the final quarter of 2009, when GDP was estimated at 5.6 percent, the strongest growth in six years.

Analysts saw the figures as ''further confirming the end of the recession and that the recovery is only moderate and disappointing,'' according to Peter Morici of the University of Maryland.

''Looking ahead, data are not encouraging. After such a long and damaging recession, we should expect several quarters of five percent growth.''

Some predict that economic growth might falter later this year, or will not be enough to cut into near double-digit unemployment.

''Unless the pace of growth picks up significantly we will see high unemployment rates for years to come,'' said Josh Bivens of the Economic Policy Institute.