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31 August 2017, 01:38 | Frank Carlson
GDP: US Economic Growth in 2Q Revised Higher to Solid 3%
Goods exports increased by 2.3 percent in the second quarter, with goods imports up by 1.6 percent. Likewise, the contribution from nonresidential fixed investment improved from 0.64 to 0.85 percentage points to real GDP growth for the quarter.
A surprise upgrade to GDP growth figures for the United States economy gave relief to the dollar today after it this week dropped to its lowest levels since January 2015. He predicted GDP would grow close to 3% this quarter. It surged by 3.0 percent in the April-June period, the Commerce Department said in its updated report Wednesday.
The Trump administration is targeting tax cuts, deregulation and infrastructure spending to boost growth. Of the almost 200 countries whose economies are tracked by the International Monetary Fund, just seven saw real, inflation-adjusted gross domestic product rise by 7 percent or more past year.
A third estimate of GDP based on more complete data will be released September 28. CBO is forecasting average growth of just 1.9 per cent over the next decade.
The 3% growth rate in the second quarter marked a rebound from 1.2% growth in the first three months of the year. American consumers remain in the driver's seat in the current expansion, backed by a strong job market, contained inflation and low borrowing costs. The upward revision was mainly seen in intellectual property that rose 4.9 percent from the initial estimate of 1.4 percent and structures that rose 6.2 percent from 4.9 percent, while equipment spending was upwardly revised a bit to 8.8 percent.
Spending by governments, which had grown 0.7% in the initial estimate, was revised to a decline at a 0.3% rate.
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The Commerce Department's second estimate of Q2 gross domestic product released Wednesday printed at 3%.
Most economists expect the economy to expand at a rate of roughly 3 percent in the second half of 2017. However, analysts believe the pace of growth will bounce back once the rebuilding begins and oil refineries get back to full production, bringing down prices.
Zandi forecasts that growth in 2018 will be an even stronger 2.8%. Inventories added 0.02 percentage point.
Yet there is little sign of this denting business or consumer confidence as the GDP figures, added to retail sales, business spending and jobs survey data for the early part of the third quarter, painting a positive picture.
"We're still in the slow-lane economy", said Stuart Hoffman, senior economic adviser at PNC Financial Services Group.
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