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US GDP growth exceeds estimates in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 27/08/2015 (17:26)
According to media reports, the US economy grew at a faster than previously estimated pace in the second quarter. Gross domestic product posted a revised expansion of 3.7% 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 a gain of 3.2% in a survey conducted by Bloomberg while initial calculations had indicated a growth of 2.3% in the second quarter.

The expansion was mainly attributed to gains in consumer and business spending. In addition, gains in employment, increasing home prices as well as declining fuel costs are expected to continue to boost the economy in the second quarter of 2015.

Before-tax profits rose 2.4% in the second quarter, a decline of 0.5% on the year. Household consumption grew by 3.1% year over year, revised from an initial estimate of 2.9% following a gain of 1.8% in the first quarter. Meanwhile, the savings rate decreased to 4.8% from 5.2% in the previous quarter.
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