WASHINGTON: The US economy defied expectations to see growth sped up in the second quarter of this year, according to data released by government on Thursday, strengthened by some forms of investment and stronger consumer spending than anticipated.
GDP growth in the biggest economy of the world came in at an annual rate of 2.4% for the April to June period, the Commerce Department said, despite observers’ expectations of a slower rate. AFP reported.
This was also an increase from the 2% rate in the first 3 months of 2023.
Economy Shows More Resilience
Although economists have been warning of a possible slowdown as the US central bank increased interest rates rapidly in 2022 to tamp down demand and lower inflation, the economy showed more resilience than expected.
In the first quarter, GDP growth was revised sharply higher to 2% — from an initial estimate of 1.1%– strengthened by a stronger-than-expected consumer.
