US Q2 GDP 3.3% Growth…Preliminary Estimate Revised Up 0.3 Percentage Points

The U.S. economy, which contracted in the first quarter of this year, returned to growth in the second quarter.

The U.S. Department of Commerce said on the 28th (local time) that the revised estimate of U.S. gross domestic product (GDP) growth for the second quarter was 3.3% (annualized quarter-over-quarter). It was revised up by 0.3 percentage points from the preliminary estimate (3.0%) announced at the end of last month. It also exceeded the Dow Jones consensus forecast (3.1%) by 0.2 percentage points. This figure surpasses the preliminary estimate (3.0%) announced at the end of last month by 0.3 percentage points.

Earlier, U.S. GDP contracted by 0.5% in the first quarter as imports temporarily increased ahead of tariff imposition. As this temporary inventory accumulation factor eased and imports decreased, the recovery in Q2 GDP growth is considered to have been driven mainly by that change. The U.S. Department of Commerce said of Q2 GDP, "A decline in imports and an increase in consumption had an impact," and "a decrease in investment partly offset [that]."

Meanwhile, the United States releases GDP growth rates three times: advance, revised, and final estimates. Also, unlike South Korea, the United States reports GDP statistics by annualizing the quarter-to-quarter growth rate.