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29.08.2024

U.S. economy grows more than initially estimated in Q2 2024

A report from the Commerce Department showed on Thursday that the U.S. economy expanded more than initially estimated in the second quarter of 2024, primarily reflecting an upward revision to consumer spending. 

According to the second estimate, the U.S. gross domestic product (GDP) grew at an annual rate of 3.0 per cent in the second quarter, compared to a 2.8 per cent q-o-q increase reported in the advance estimate.

Economists had expected the growth rate to stay unrevised at 2.8 per cent.

In the previous quarter, the economy expanded by 1.4 per cent q-o-q.

The second-quarter advance in real GDP was mainly due to gains in consumer spending, private inventory investment, and non-residential fixed investment. These increases, however, were partly offset by a decline in private inventory investment. Meanwhile, imports, which are a subtraction in the calculation of GDP, went up.

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