U.S. Final Second-Quarter GDP Growth Revised Up to 2.2%, Beating 1.5% Estimate
Summary
- The U.S. Commerce Department said final second-quarter gross domestic product (GDP) growth was 2.2%.
- It said the final second-quarter GDP reading was revised up by 0.7 percentage point from both the preliminary estimate (1.5%) released last month and the market forecast (1.5%).
- The department said the final second-quarter GDP reading reflected upward revisions to investment, consumer spending and government spending.
Forecast Trend Report by Period
U.S. economic growth in the second quarter exceeded market expectations.
The Commerce Department said on September 30 that final second-quarter gross domestic product growth was 2.2% on a seasonally adjusted annualized basis.
That was up 0.7 percentage point from the preliminary estimate of 1.5% released last month. It was also 0.7 percentage point above the market forecast of 1.5%.
The department said the final GDP reading reflected upward revisions to investment, consumer spending and government spending.
The U.S. releases GDP data three times for each quarter: an advance estimate, a second estimate and a final reading. Unlike South Korea, it reports GDP growth by annualizing the quarter-over-quarter change.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul