▲ The U.S. flag at the White House
The U.S. economy grew at an annualized rate of 1.5% in the second quarter, matching the initial estimate, according to revised data.
The U.S. Department of Commerce announced on the 26th local time that the preliminary estimate for real gross domestic product (GDP) growth in the second quarter of this year was 1.5% at an annualized rate compared to the previous quarter.
This figure met both the initial estimate and market expectations announced last month.
Unlike South Korea, the United States releases GDP statistics by converting the quarter-over-quarter growth rate (seasonally adjusted) into an annualized rate.
Growth slowed compared to the first-quarter rate of 2.1%.
The Commerce Department explained that the slowdown in second-quarter growth was driven by a decrease in government spending and slower increases in investment and exports, which were partially offset by accelerated growth in consumer spending.
Personal consumption expenditures, which account for more than two-thirds of U.S. economic activity, rose 3.4% in the second quarter.
This significantly exceeded the first-quarter growth rate of 0.5%.
Real final sales to private domestic purchasers, which combine consumer spending and private fixed investment, increased 4.2% in the second quarter, an upward revision of 0.3 percentage points from the initial estimate.
Meanwhile, imports, which are subtracted in the GDP calculation, increased 12.5% in the second quarter.
(Photo: AP, Yonhap News)
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