The US Department of Commerce announced its final estimates for the Gross Domestic Product (GDP) data for the April-June period.
Accordingly, GDP in the US increased by 2.1 percent annualized in the second quarter of the year. Market expectations were for the economy to grow by 2.1 percent in the second quarter.
In the preliminary data on the country's GDP data published in July, it was recorded that the economy grew by 2.4 percent in the second quarter of the year and 2.1 percent in the second estimates published in August. Growth data for the first quarter was also revised from 2 percent to 2.2 percent.
The growth in the US economy in the second quarter was driven by increases in non-residential fixed investments, consumer spending and state and local government spending. Exports and imports also decreased in the same period.
In the final data for the second quarter, consumer spending was revised downwards, while non-residential fixed investments, exports and inventory investments were revised upwards.
The increase in the personal consumption expenditures price index for the second quarter of the year was maintained at 2.5 percent. The personal consumption expenditures price index had increased by 4.1 percent in the first quarter of the year.
The increase in the core personal consumption expenditures price index, which excludes food and energy expenditures, was realized as 3.7 percent in line with expectations.
The core personal consumption expenditures price index had increased by 4.9 percent in the first quarter of the year.
US economy grew by 2.1 percent!
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