World

U.S. Economic Growth At 4.1 Percent For 2nd Quarter

U.S. Economic Growth At 4.1 Percent For 2nd Quarter

Just recently, the Bureau of Economic Analysis (BEA) reported that the US gross domestic product (GDP) grew at annual pace of 4.1% in the second quarter of 2018.

The US economy accelerated to a 4.1 percent pace of growth in the second quarter, the fastest since 2014, letting President Donald Trump claim a win for his policies even though expansion is projected to cool.

Trump, who has repeatedly attacked the economic record of his predecessor's administration, pledged during the 2016 campaign to double growth to 4 percent or better. Net exports added 1.06 percentage point to the quarter's 4.1 per cent GDP growth rate, as exports rose strongly.

The Democratic National Committee downplayed the positive report, saying in a statement, "Trump will try to boast about the economy, but the reality is that economic growth is not expected to continue at the same rate and workers have not benefited".

The economy will this year be supported by a $1.5 trillion tax cut package and increased government spending in the last quarter. "And I am thrilled to announce that, in the second quarter of this year, the United States economy grew at the wonderful rate of 4.1 percent", the President said this morning. "We're on track to hit the highest annual growth rate in over 13 years", he said after the numbers were released.

Mr. Trump, who reached a truce this week with the European Union in a trade war, also noted that the US trade deficit fell by $52 billion in the second quarter.

US President Donald Trump cheered the numbers, holding an impromptu press conference outside the White House to tout the "amazing" growth and said "this is just the beginning".

The US economy grew in the second quarter at the fastest pace since 2014.

Consumer spending, which accounts for 70 per cent of economic activity, rebounded to a four per cent annual growth rate after turning in a lacklustre 0.5 per cent gain in the first quarter.

Economists have said exports largely increased in the last quarter amid efforts by USA companies to get products out before additional retaliatory tariffs take effect. "If one controls for the impact of the one-time increase in government spending, temporary tax boost and exports, that robust topline growth rate is closer to 3 percent".

A measure of domestic demand surged at a 4.3pc rate in the second quarter. Their forecasts predict that growth will return to roughly 2 percent, which largely reflects a demographic change beyond the White House's control.

The median projection of Fed policymakers for GDP, revised in June, sees the economy expanding 2.8 per cent this year, then easing to 2.4 per cent in 2019 and 2.0 per cent in 2020.

The U.S. economy just entered its 10th year of growth, a recovery that began under President Barack Obama, who inherited the Great Recession. Annual growth has averaged just 2.2 percent since mid-2009 through the end of past year, the same as previously reported.


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