The US economy grew 2.1 percent in the second quarter

The US economy grew 2.1 percent in the second quarter of this year, in line with expectations.

The United States Department of Commerce announced its final estimates of Gross Domestic Product (GDP) data for the April-June period.

Consequently, US GDP increased by 2.1 percent annually in the second quarter of the year. The market expectation was that the economy would grow 2.1 percent in the second quarter.

Preliminary data on the country’s GDP released in July recorded that the economy grew 2.4 percent in the second quarter of the year, and second estimates released in August recorded 2.1 percent. First quarter growth data was also revised from 2 percent to 2.2 percent.

EXPORTS AND IMPORTS DECREASE

In the growth of the US economy in the second quarter; Increases in nonresidential fixed investment, consumer spending, and state and local government spending were effective. In the same period, exports and imports also decreased.

In final second-quarter data, consumer spending was revised downward, while non-residential fixed investment, exports and inventory investment were revised upward.

The increase in the price index of personal consumption expenditures for the second quarter of the year remained at 2.5 percent. The price index of personal consumption expenditures increased by 4.1 percent in the first quarter of the year.

The increase in the price index of basic personal consumption expenses, where expenses on food and energy are excluded from the calculation, was 3.7, in line with expectations.

The basic price index of personal consumption expenditure rose 4.9 percent in the first quarter of the year. (AA)