American growth in the second quarter turned out to be better than expected

By: Trademagazin Date: 2024. 07. 25. 11:30

In the second quarter, the gross domestic product (GDP) of the United States grew more than the first quarter and exceeded analysts’ expectations, according to the Thursday report of the Bureau of Economic Analysis (BEA), an economic research institute of the Washington Department of Commerce.

Based on BEA’s preliminary data, annualized GDP grew by 2.8 percent in the second quarter instead of the expected 2.0 percent growth, compared to the 1.4 percent annualized growth in the first quarter.

Household consumption expenditures rose faster than in the first quarter, by 2.3 percent after 1.5 percent. Within this, the consumption of goods increased, while the growth rate of the use of services slowed down. In the second quarter, the consumption of goods increased by 2.5 percent after a 2.3 percent decrease in the first quarter, and the consumption of services expanded by 2.2 percent after a 3.3 percent increase.

Public expenditure also increased to a greater extent, by 3.1 percent after 1.8 percent. Housing investments decreased for the first time in a year, by 1.4 percent compared to the 16 percent increase in the first quarter.