Gross domestic product (GDP) grew at an annualized rate of 3.0% during the second quarter, according to the Bureau of Economic Analysis’s (BEA) advance estimate. That marks a rise from the first quarter’s decline of 0.5% and was also above the consensus estimate of 2.6%.
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“2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! ‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!” Trump said on Truth Social.
Imports Shrink as Consumer Spending Grows
Second quarter GDP growth was driven by a 30.3% decrease in imports. Imports are subtracted from the GDP calculation and rose by 37.9% in the first quarter as businesses rushed to front-load product shipments ahead of Trump’s tariffs. Consumer spending was also a key positive factor, rising by 1.4% compared to 0.5% during the previous quarter.
The BEA will release its second advance estimate of second quarter GDP on August 28.
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