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US GDP growth accelerates in Q2

by ChemOrbis Editorial Team -
  • 30/07/2015 (17:43)
According to media reports, US economic growth accelerated in the second quarter. Gross domestic product expanded 2.3% on a yearly basis in the second quarter of 2015, following a revised expansion of 0.6% in the first quarter. Economists’ preliminary estimates called for an expansion of 2.6%. The US central bank, the Federal Reserve, stated that the US economy was growing moderately while the labor market and the housing sector had shown additional improvement this quarter.

The expansion was mainly attributed to stronger consumer spending as well as a strengthening labor market. Private domestic demand-excluding trade, inventories and government expenditures- rose 2.5% in the April-June period. Consumer spending, meanwhile, increased by 2.9% in the second quarter. However, the energy sector kept weighing down on growth due to a more than 60% plunge in crude oil prices since last year.

Exports, meanwhile, recovered in the second quarter despite a stronger dollar, while imports rose moderately. Analysts commented that stronger second quarter performance in the US economy could encourage the Federal Reserve to raise interest rates later this year.
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