The US economy grew slightly faster than expected in the spring. In April to June, gross domestic product (GDP) rose by 3.0 percent on an annual basis compared to the previous quarter, according to the Ministry of Commerce’s third estimate. Analysts on average expected growth of 2.9 percent.
Private consumption weakens
In the first quarter, the world’s largest economy only grew by 1.6 percent. An above-average increase in private investment contributed to further growth. Private consumption, which is important for the US economy, was slightly weaker than overall growth.
US growth figures are annualized, that is, extrapolated to the year. These figures show how much economic growth will grow if the growth rate continues for one year. This method is not used in Europe, so the numbers cannot be directly compared. To get a growth rate comparable to Europe, you would have to divide the growth rate in the US by four.
