US Economy Grew by 1.5 Percent in the Second Quarter

According to second-quarter gross domestic product data released by the US Department of Commerce, the US economy grew by 1.5 percent at an annualized rate.

Growth Data and Preliminary Estimates

The US Department of Commerce shared its second estimate for the gross domestic product data covering the April-June period with the public. Accordingly, the country's GDP increased by 1.5 percent at an annualized rate in the second quarter of this year.

Comparison with the First Quarter of the Year

The preliminary data published last month had also projected that the US economy would grow by 1.5 percent in the second quarter. The US economy had recorded a growth of 2.1 percent in the first quarter of this year.

Factors Affecting Growth

Increases in consumer expenditures, exports, and investments were influential in the economy's growth during the second quarter of the year. These increases were partially offset by the decline in government expenditures.

Consumer Expenditures and Price Indices

An increase was also experienced in imports during the same period. The increase recorded in the personal consumption expenditures price index in the second quarter of this year was revised from 5.1 percent to 5.3 percent.