U.S. Q2 Growth Rate at 1.5%...Below Forecast
The growth rate of the U.S. economy slowed in the second quarter of this year.
Products are displayed at Walmart in California, USA. Photo by Reuters Yonhap News
View original imageThe U.S. Department of Commerce announced on the 30th (local time) that the U.S. gross domestic product (GDP) growth rate for the second quarter of this year was calculated at 1.5% (quarter-on-quarter, annualized, advance estimate).
The GDP growth rate slowed compared to the 2.1% recorded in the first quarter of this year and fell short of the 1.8% forecast compiled by Dow Jones experts.
The Department of Commerce explained that in the second quarter, a decrease in government spending and an increase in imports offset the positive effects of higher consumption, investment, and exports. These were cited as independent factors.
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Meanwhile, unlike Korea, the United States releases GDP statistics by annualizing the quarter-on-quarter growth rate.
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