The United States Gross Domestic Product grew at a 3% Annual Rate in the second quarter, according to the preliminary estimate from the US Bureau of Economic Analysis (BEA) on Wednesday. This figure follows a 0.5% contraction in the first quarter and is better than market expectations for a 2.4% expansion.
Other details from the report show that the Core Personal Consumption Expenditures (PCE) Price Index rose 2.5% quarter-on-quarter in the second quarter, compared to market expectations of 2.4%. Furthermore, the Gross Domestic Product Price Index rose 2% in Q2, down from the 3.8% increase recorded in Q1.
"The increase in real GDP in the second quarter primarily reflected a decline in imports, which are subtracted from GDP, and an increase in consumer spending," the BEA noted in a press release. "These movements were partially offset by declines in investment and exports." (alg)
Source: FXstreet
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