STORY: U.S. GDP grows at annual rate of 2.8 pct in Q2
SHOOTING TIME: File
DATELINE: July 26, 2024
LENGTH: 00:00:40
LOCATION: Washington D.C
CATEGORY: ECONOMY

SHOTLIST:
1. various of exterior of the U.S. Department of Commerce
2. various of views in Washington D.C.

STORYLINE:

The U.S. gross domestic product (GDP) growth rate rose at an annual rate of 2.8 percent in the second quarter of this year, the U.S. Department of Commerce reported in an "advance" estimate released on Thursday.

The latest data exceed expectations by economists previously surveyed by Dow Jones, who had been looking for growth of 2.1 percent.

This marks an acceleration from the first quarter of 2024, when GDP grew by 1.4 percent, according to the department's Bureau of Economic Analysis (BEA).

The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and non-residential fixed investment, the report noted. Imports, which are a subtraction in the calculation of GDP, also increased.

Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending, the report said. These movements were partly offset by a downturn in residential fixed investment.

Disposable personal income, however, saw slower growth in the quarter, indicating potential weakness in consumption going forward.

The newly released GDP estimate for the second quarter, in what was called an "advance" estimate, is based on source data that are incomplete or subject to further revision by the BEA.

The "second" estimate for the second quarter, based on more complete source data, will be released on Aug. 29.

Xinhua News Agency correspondents reporting from Washington D.C.
(XHTV)