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United States: Q2 growth revised sharply upward to +3.8% annualized
The United States recorded an annualized GDP growth of 3.8% in the second quarter, according to an updated official estimate released Thursday, well above previous calculations and market expectations.
The first estimate, published at the end of July, reported growth of 3%. It was later revised to 3.3%, before being adjusted again to the current 3.8%. Analysts had not anticipated another revision, according to consensus figures from Trading Economics.
The stronger figure is mainly attributed to higher-than-expected consumer spending, according to data from the U.S. Department of Commerce.
Meanwhile, the first quarter GDP was revised downward, showing a 0.6% contraction, compared to the previously reported 0.5% decline.
The U.S. economy has experienced unusual fluctuations since Donald Trump’s return to power in January. His decision to implement significant tariffs triggered a surge in imports early in the year, just before the taxes took effect, which mechanically reduced GDP. Import volumes have since decreased.
In the United States, GDP growth is reported in annualized terms, meaning the quarterly rate is projected over the entire year.