U.S. Bureau of Economic Analysis (BEA) reports

U.S. Q2 GDP Revised Up to 3.0%, Previous 2.8%, Driven by Consumer Spending Increase to 2.9% and Price Index at 2.5%

Aug 29, 2024, 12:41 PM

The U.S. economy experienced stronger growth in the second quarter of 2024, with real gross domestic product (GDP) rising at an annual rate of 3.0%. This figure was revised up from an initial estimate of 2.8% and marks a significant increase from the 1.4% growth recorded in the first quarter. The revision was largely attributed to a boost in consumer spending, which was adjusted to 2.9% from a previous estimate of 2.3%. Additionally, the GDP price index for the quarter was reported at 2.5%, exceeding expectations of 2.3%. The revised GDP figures indicate a more robust economic performance than previously thought, reflecting ongoing consumer strength.