The United States' gross domestic product (GDP) grew by 3.3%, marking a recovery in growth during the second quarter.
On August 28 (local time), the U.S. Department of Commerce announced that the revised GDP growth rate for the second quarter was calculated at 3.3% (quarter-on-quarter annualized rate).
This figure is 0.3 percentage points higher than the advance estimate of 3.0% released last month. It also surpassed the expert forecast of 3.1% compiled by Dow Jones. Compared to the provisional growth rate of -0.5% in the first quarter, this represents a significant rebound.
The Department of Commerce explained that the decrease in imports and the increase in consumer spending contributed to the growth, while a decline in investment partially offset these effects. The provisional figure is calculated by incorporating economic activity indicators that were not included in the advance estimate.
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