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Warren Buffett: US GDP figures are inherently suspect

Gross domestic product, one of the most important economic indicators, may not be too reliable in the near term, Warren Buffett said Monday.

"I think the [quarterly] GDP figures are inherently a little more suspect in terms of being precise, than year-over-year figures," Berkshire Hathaway's chairman and CEO told CNBC's "Squawk Box."

The U.S. economy grew at a dismal 0.5 percent rate in the first quarter, the Labor Department said Thursday.

"There's one little thing that many people don't understand about the GDP figures. Maybe I don't understand it, but my understanding is they're sequential figures. You take the figures from one quarter to another and multiply by four. So, if you're off by a tenth [of a percent] on the seasonal adjustment, that becomes a four-tenths figure," Buffett said. Still, he added, "that doesn't negate the fact that business is slow. It's not negative, but it's slow."