The U.S. economy's growth rate for the second quarter of this year has significantly slowed, falling short of market expectations.
The U.S. Department of Commerce announced on July 30 that the preliminary gross domestic product (GDP) growth rate for the second quarter was recorded at an annualized 1.5% compared to the previous quarter.
This figure represents a decline of 0.6 percentage points from the first quarter's growth rate of 2.1% and is below the Dow Jones estimate of 1.8% from market experts.
According to the Commerce Department, the GDP growth rate statistics are presented as annualized figures compared to the previous quarter.
The report indicated that while private consumption, investment, and exports continued to rise during the second quarter, a decrease in government spending and an increase in imports offset these growth drivers, pulling down the overall growth rate.
* This article has been translated by AI.
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