The Commerce
Department released on Thursday its advance estimate for the U.S. gross
domestic product (GDP) for the second quarter of 2024, which showed that the
U.S. economy grew much more
than expected in the reviewed period.
According to
the estimate, the U.S. real GDP expanded at an annual rate of 2.8 per cent
q-o-q in the second quarter, following an unrevised 1.4 per cent q-o-q advance
in the previous quarter.
Economists had forecast
the U.S. GDP to grow 2.0 per cent q-o-q.
According to
the report, the increase in real GDP in the second quarter was primarily due to
gains in consumer spending, private inventory investment, and non-residential
fixed investment. Meanwhile, imports, which are a subtraction in the
calculation of GDP, went up.